The oil and gas sector experienced a significant rally, driving the VN-Index higher despite broader market weakness. This surge was primarily fueled by rising global crude oil prices, which topped 90 USD a barrel. Leading oil and gas stocks traded with enthusiasm, with Petrolimex closing at its ceiling price and showing over four million units in excess buy orders. Other benchmark stocks, including GAS, BSR, and OIL, all increased by at least 2% from their reference prices.
This synchronized rally in oil and gas stocks directly correlated with global crude oil price movements. The main reason pushing Brent prices above 90 USD a barrel and US WTI crude to nearly 86 USD, its highest since the beginning of the month, was the risk of supply disruptions due to renewed Middle East tensions. According to statistics from VNDirect Securities Company, oil and gas stocks contributed about five points to the VN-Index. Excluding the impact of this group, the index representing the Ho Chi Minh City (TP HCM) exchange would have closed in the red.
The oil and gas sector was one of the few groups to advance during a period of widespread selling pressure. Today, the TP HCM exchange saw over 160 declining stocks and fewer than 130 advancing stocks. The VN-Index rose over four points to 1,732 points, supported by the oil and gas group and Vingroup, while the VN30 closed below its reference level.
Declining stocks dominated other major sectors. In the banking sector, TCB fell by 3%, while other medium and large-cap stocks such as LPB, ACB, TPB, and EIB decreased by 0.5-2%. Sellers also held the upper hand in the securities group. Many benchmark stocks, including SSI, VIX, VCI, VCK, HCM, and VND, closed 1-2% below their reference prices. TCX was among the few stocks that bucked the trend, rising 1.5% to nearly 40,000 dong. The real estate sector was also dominated by declining stocks, with shares of many developers such as Nam Long, Khang Dien, Hoang Quan, and Phat Dat all losing 0.5-2%. However, two benchmark stocks related to Vingroup, VIC and VHM, provided support for both the sector and the market, increasing by 1% and 1.5% respectively.
Investors maintained cautious sentiment ahead of FTSE Russell's semi-annual review results. This was reflected in market liquidity of less than 15,000 billion dong, similar to the first trading session of the week. The large-cap basket contributed more than half, reaching over 8,500 billion dong. No single stock on the TP HCM exchange recorded trillion-dong matching orders. VIC continued to lead in liquidity with 860 billion dong, followed by SHB, BSR, and VPB.
Foreign investors extended their net selling streak to four consecutive sessions. This group invested less than 1,200 billion dong, the lowest in one and a half months, while selling nearly 2,000 billion dong.
Regarding the short-term trend, analysts at Sai Gon - Ha Noi Securities (SHS) stated that the VN-Index has clearly weakened after losing its support level around 1,750 points and is under pressure to correct towards 1,700-1,710 points. SHS recommended: "Investors should maintain appropriate portfolio allocation and focus on leading stocks with strong fundamentals, particularly those in strategic economic sectors."
Phuong Dong
