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Wednesday, July 24, 2024

Petroleum stocks drag market down

The Saigon Times

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HCMC – The VN-Index of the Hochiminh Stock Exchange lost 0.2 points on Tuesday as petroleum stocks dragged the market lower.

The benchmark index closed 0.01% lower, at 1,395.33 points, with losing stocks outnumbering winners by 245 to 188.

There were more than 639 million shares worth some VND20.3 trillion changing hands on the southern market, falling 18% in volume and 8% in value compared with the previous session. Some 33.4 million shares worth over VND1.9 trillion were traded in block deals.

Petroleum stocks were the worst-performing ones, with a majority of them such as PVD, GAS, PSH, CNG, PGC and PVT dipping into the red. PLX is the only petroleum stock that rose today.

Other major losers were lenders STB and HDB, jewelry firm PNJ, steelmaker HPG, consumer goods producer MSN and retailer VRE, which fell 1-2.6%. Besides, fertilizer dealer DRH dropped to the floor price at VND19,950.

In contrast, insurance stocks were among the best-performers. MIG shot up to the ceiling price at VND28,200, while BIC, BMI and PGI soared 5.7% to VND30,500, 4.3% to VND41,050 and 3.8% to VND28,350, respectively.

Many small and medium real estate and construction stocks such as DLG, CCL, SAM, TDC, HCD, HAR, MCG and VRC also shot up to the ceiling prices.

Other biggest gainers included fertilizer stocks DCM and DPM, which surged 4.5% to VND32,500 and 6.7% to VND44,300, respectively.

Steelmaker HPG was the most actively traded stock on the southern market with more than 23.7 million shares changing hands, followed by lender TCB with 14 million shares and electricity firm POW with 10.3 million shares.

On the Hanoi Stock Exchange, the HNX-Index rose 2.12 points, or 0.55%, against the day earlier, to close at 387, with 102 winning stocks and 99 losing ones. There were some 107 million shares worth VND2.15 trillion changing hands.

Real estate company KSF, industrial development firm IDC and investment company IDJ were the best performing stocks, soaring 8.6% to VND71,900, 2.2% to VND61,400 and 2.1% to VND43,500, respectively.

Insurance stocks were also the major contributors. PVI, VNR and PRE surged 7.53% to VND50,000, 2.6% to VND39,700 and 4% to VND21,000, respectively.

In the group of small and medium stocks, PV2, DST, MBG, PVL, FID, MAC, SDA and CMS shot up to the ceiling prices.

Asset management corporation TVC led the northern bourse in terms of liquidity, having 5.43 million shares changing hands.

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