Shares gain for fourth session thanks to oil stocks

October 11, 2023 - 17:25
Shares gained for a fourth straight session on Wednesday thanks to the sharp rise of large-caps in the oil group, supporting the overall market.
Employees of Bình Sơn Refining and Petrochemical Company Limited (BSR). BSR rose 1.9 per cent yesterday. — VNA/VNS Photo 

HÀ NỘI — On the Hồ Chí Minh Stock Exchange, the VN-Index rose 0.62 per cent to close at 1,150.81 points. The index had risen 3.3 per cent in the last four days.

 Shares gained for a fourth straight session on Wednesday thanks to the sharp rise of large-caps in the oil group, supporting the overall market.

Market breadth was positive with 265 rising stocks and 213 losing ones.

More than 543 million shares worth VNĐ12 trillion (US$490.8 million) were traded on the southern bourse.

The VN-30 Index, tracking the 30 biggest stocks on HoSE, gained 0.60 per cent to close at 1,167.29 points.

In the VN-30 basket, 21 stocks gained while six lost ground. The biggest gainers included the Vietnam Rubber Group (GVR), SSI Securities Inc (SSI), PV Power (POW), Mobile World Group (MWG), Vietjet (VJC), Vingroup (VIC), and HDBank (HDB).

As many as 21 out of 25 industries tracked by gained value, of which oil and gas companies were the biggest gainers with an average growth of 2.7 per cent.

Other sectors such as insurance, oil, retail, wholesale, retail, agriculture, rubber production, logistics, real estate, seafood processing and plastics manufacturing also gained substantially.

Energy stocks performed positively with gainers such as PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD), Bình Sơn Refining and Petrochemical Company Limited (BSR), Petrovietnam Transportation Corporation (PVT) and Drilling Mud Joint Stock Corporation (PVC). They rose between 1.9 and 6.1 per cent.

Securities stocks also increased at the end of the session, namely SSI Securities Inc (SSI), Việt Capital Inc (VCI), Asia-Pacific Securities Joint Stock Company (APS), Việt Nam Bank For Industry & Trade Securities JSC (CTS), VNDirect Securities Co (VND), Bank for Investment & Development of Vietnam Securities Company (BSI) and VIX Securities Joint Stock Company (VIX).

"Market continues to maintain and expand the recovery span, but in general, the situation is still cautious when moving towards the gap area of around 1,150 points," said Việt Dragon Securities Co.

"Liquidity increased with the Shooting Star candlestick, showing that supply increased at the resistance zone. With the current signal, it is likely that the market will continue to be blocked before the 1,150 point area and fluctuate to test supply and demand in the next trading session."

"Therefore, investors need to observe and evaluate supply and demand before the resistance zone. Temporarily, it is still necessary to consider the market's recovery ability to restructure the portfolio in a way that minimises risks," it said.

On the Hà Nội Stock Exchange, the HNX-Index rose 1.21 per cent to end at 237.00 points. — VNS