Việt Nam News

Banks and oil stocks endure a tough day, leaving with market volatility

April 10, 2024 - 15:40

Wednesday witnessed a turbulent trading session as banks and oil stocks grappled with mounting pressures, resulting in a notable downturn in their performance.

Facilities of PetroVietnam Gas JSC (GAS). GAS lost 0.9 per cent on Wednesday. — Photo courtesy of GAS

HÀ NỘI — Wednesday witnessed a turbulent trading session as banks and oil stocks grappled with mounting pressures, resulting in a notable downturn in their performance.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index lost 0.34 per cent, to close at 1,258.56 points.

The breadth of the market was negative with 177 gainers and 275 losers. Matching value on the southern bourse reached VNĐ16.8 trillion (US$673.3 million), equal to a trading volume of more than 702 million shares.

The 30 biggest stocks tracker VN30-Index lost 0.24 per cent, to end at 1,263.82 points. Eleven in the VN30 basket climbed, while 18 decreased.

Financial news site cafef.vn said many oil and gas stocks suffered from correcting pressure and fell deeply, including PetroVietnam Gas JSC (GAS), PV Power (POW), PetroVietnam Drilling & Well Services Corporation (PVD), PV OIL (OIL), Bình Sơn Refinery (BSR) and PetroVietnam Technical Services Corporation (PVS).

Banking stocks also lost ground with most of the stocks in the basket declining, including Vietinbank (CTG), Asia Commercial Bank (ACB), Tiên Phong Bank (TPB), National Commercial Joint Stock Bank (NVB), VPBank (VPB), Military Bank (MBB), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB) and Sacombank (STB).

The securities group was also hit strongly, with losers being VNDIRECT Securities Corporation (VND), MB Securities JSC (MBS), Việt Dragon Securities Corporation (VDS) and Vietcap Securities Joint Stock Company (VCI).

The seafood processing industry showed negative performance. Stocks in this sector, including Vĩnh Hoàn Corporation (VHC), Nam Việt Corporation (ANV), Sao Ta Foods Joint Stock Company (FMC), International Development & Investment Corporation (IDI) and Camimex Group JSC (CMX) all displayed losses.

It is expected that the supply will increase again and put pressure on the market. Therefore, traders should monitor the supply and demand at the resistance area to reassess the market's condition. At the same time, they should still consider rallies to take profits or reduce the proportion of stocks that are struggling at resistance zones to avoid risks, said Việt Dragon Securities Co.

The HNX-Index on the Hà Nội Stock Exchange (HNX) ended the trading day at 238.79 points, a fall of 0.66 per cent.

During the session, nearly 56.6 million shares were traded on the northern market, worth VNĐ1.2 trillion. — VNS

MoIT sets export growth at 6% in 2025

Economy

PM issues directive on e-invoice implementation

Economy

Market continues slight correction as VN-Index slips below 1,270 points

Economy

Foreign tourists to Việt Nam rose 41% in January-November

Economy

Việt Nam’s coffee exports possibly surpass $5 billion for first time

Economy

Indian scholar impressed with Việt Nam’s development achievements

More on this story

Economy

Việt Nam's exports to India maintain growth momentum

Việt Nam's exports to India reached US$8.5 billion for the first time in 2023, up nearly 10 per cent over the same period of 2022, according to the Vietnamese Trade Counsellor in India, Bùi Trung Thướng.

Economy

International textile, garment expo attracts over 1,000 exhibitors

The annual Vietnam Saigon Textile & Garment Industry – Fabric & Garment Accessories Expo opened in HCM City on April 10, enabling local and foreign producers to explore each other’s requirements and possibilities for tie-ups.

Economy

Lào Cai hosts conference promoting trade in northern midland, mountainous region

The northern midland and mountainous region has a particularly important strategic position in terms of economy, culture, society, and the environment. It has an untapped potential in agriculture, forestry, minerals, hydroelectricity, tourism and border trade economy.

Economy

SJC gold price turns down, gold ring conquers new mark

On the day gold prices peaked, many gold shops in Hà Nội only sold a maximum of five taels, leading to people buying and selling hand to hand outside the store.

Economy

Digital transformation plan of energy industry issued

The focus will also be on developing a synchronised information system for the energy industry, including gas and oil, petroleum, coal, electricity, renewable energy and new energies.

Economy

Bình Dương, UK cooperate in promoting green energy

Entitled Vietnam Intelligent Energy Trading Platform for Upscaling Local Energy Storage and EV (VIET PULSE), the project is intended to solve basic problems in using renewable energy in Việt Nam such as instability in energy supply to customers.

Economy

Hà Nội sees improved performance in hospitality market

The average room rate increased by 2 per cent quarter on quarter and 11 per cent year on year. Movenpick Hà Nội (four-star) recently resumed its operation after renovation, which supported this increase.

Economy

NA chairman meets with executives of large Chinese power, rare earth, economic groups

National Assembly Chairman Vương Đình Huệ received executives of large Chinese corporations and companies on April 9 in Beijing within the framework of his official visit to China.

Economy

Livestock product exports up in Q1

Import turnover of livestock products in the first quarter was estimated at about $702 million, down 6.7 per cent compared to the same period in 2023.