Local shares advance marginally

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VN-INDEX

1,254.56

+9.24/+0.74%

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Local shares advance marginally

Vietnam News - 2/9/2017 10:00:00 AM

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Shares increased marginally yesterday after swaying several times during the session on heightened investor prudence.

On the HCM Stock Exchange, the VN-Index inched up 0.02 per cent to close at 702.04 points. It rose 0.3 per cent on Tuesday.

On the Hà Nội Stock Exchange, the HNX-Index edged up 0.08 per cent to end at 85.29 points. The northern index gained 0.9 per cent in the previous session.

Declining global oil prices harmed local energy stocks as most of the biggest oil and gas shares lost value yesterday.

The largest listed gas company PV Gas (GAS), along with PetroVietnam Drilling and Wells Service (PVD), PetroVietnam Technical Services (PVS), Petroleum Equipment Assembly & Metal Structure (PXS), PetroVietNam Low Pressure Gas Distribution (PGD) and PetroVietnam Drilling Mud (PVC) were down between 0.5 per cent and 2.4 per cent.

Crude oil declined for the third session in a row in international commodity exchanges. US crude WTI slid 1.1 per cent to trade at US$51.59 a barrel, totalling three-day losses of 4.2 per cent. Brent crude was down 0.8 per cent to trade at $54.63 a barrel.

Banks were mixed, as BIDV (BID) and Vietinbank (CTG) tumbled but Vietcombank (VCB), Military Bank (MBB), Sacombank (STB) advanced.

On the positive side, steel and agricultural shares performed well.

Steelmaker Hòa Phát Group (HPG) extended gains to six consecutive sessions with total growth of more than 6 per cent yesterday.

Hoàng Anh Gia Lai Group (HAG) and its agricultural arm Hoàng Anh Gia Lai Agricultural (HNG) also recorded gains. HAG rose for a third day with total 5.4 per cent growth while HNG recorded an 11-per-cent rise across four consecutive sessions.

According to stock analysts at FPT Securities Co, investors focused on stocks with positive earnings reports as well as receiving support information such as banks, steel and fertiliser companies.

However, investors become more prudent at the landmark of 700 points on the VN-Index. The market may reach 710 points if large-cap stocks maintain their momentum.

Among the top 30 shares by market value and liquidity on the main bourse in HCM City, 16 advanced while only nine declined.

Trading volume decreased slightly to 193.3 million shares but value of trades dropped more than 20 per cent to a total of VNĐ3 trillion ($133 million) on the two markets.

Foreign investors were net sellers on the two exchanges for a total net value of VNĐ38 billion.

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