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Petroleum stocks buoy VN-Index

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HCMC – Many stocks in the oil and gas sector rose strongly today, April 20, although global oil prices kept falling given low demand, thus driving the benchmark VN-Index up for the sixth consecutive session.

The VN-Index of the Hochiminh Stock Exchange gained 5.37 points, or 0.68%, against last Friday, to close at 794.97. The benchmark has soared by a fifth since it bottomed at the three-year low of 659.21 points on March 24.

Global crude dropped to a 21-year low as the recent massive output cut by oil producing countries failed to match the low demand of Covid-19-battered economies. However, investors actively picked local petroleum shares, with GAS, the nation’s leading gas group, increasing 1.6% at VND68,800.

Fuel retailer PLX climbed 6% at VND43,900. PVT went up to the ceiling price for the third straight session, standing at VND11,000, and drilling firm jumped 6.6% at VND10,450 on matching volume of over 12 million shares.

Besides this, beverage firms stole the spotlight as SAB and BHN went up to the ceiling prices of VND176,900 and VND57,700, respectively. Notably, SAB has soared around 43.8% over the past two weeks.

Among speculative stocks, industrial zone operator ITA led the HCMC market for liquidity with 22.4 million shares changing hands. The firm shot up to the ceiling price of VND2,350.

DBC, which is active in the agricultural sector, came under profit taking pressure after surging 63.7% in the previous nine rising sessions. It closed the day at the floor price of VND26,050 on volume of over seven million shares.

According to securities firms, stronger profit-taking is expected in the coming days as the benchmark VN-Index is on track to touch 800 points again and that short-term peak will be an opportunity for investors to realize their profits.

On the Hanoi Stock Exchange, the HNX-Index dipped 0.78 point, or 0.71%, at 109.68, although oil and gas stocks like PVB, PVS and PVC increased strongly. In contrast, bank stocks ACB and SHB weighed on the northern index.

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