World oil prices surge, oil and gas stocks jump.
The sharp rise in global oil prices continues to provide momentum for oil and gas stocks, while most of the market is under pressure for a correction.
Opening the trading session on the morning of September 11th, overwhelming selling pressure on the electronic board quickly put the VN-Index under pressure to correct. After a few minutes of hesitation around the 1,820 point mark, the index widened its decline and retreated to near the 1,810 point mark.
Against this backdrop, a rare bright spot came from some oil and chemical stocks, which benefited from the rise in crude oil prices. Stocks such as BSR, PVD, PVP, PVT, DPM, and DCM all maintained positive gains, although the increases mostly fluctuated around 2-3%.
The banking sector was dominated by red, with VPB (-1.09%), MBB (-1.24%), TCB (-1.08%), SHB (-1.28%), HDB (-2%), VCB (-0.51%), and LPB (-2.08%). Similarly, the financial services sector saw declines of VIX (-1.81%), VCI (-5.16%), TCX (-2.65%), SHS (-2.01%), MBS (-2.34%), and VCK (-2.16%).
Real estate group: VIC (-0.52%), VHM (-0.96%), VRE (-1.89%), NVL (-2.72%), CEO (-3.97%) and KDH (-3.24%). Resources group: HPG (-1.37%), MSR (+2.75%), HSG (-1.43), DHC (-2.19%) and NKG (-2.3%).
The oil and gas sector surged with gains in BSR (+3.14%), PVD (+2.97%), PVS (+0.78%), PLX (+0.26%), and OIL (+0.72%). The chemical sector also saw gains in DCM (+0.48%), DGC (+0.11%), and DRM (+1.11%).
At the close of trading, the VN-Index fell 15.95 points to 1,813.28 points (-0.97%) compared to the previous session. Similarly, the UPCoM-Index decreased by 126.51 points (-0.28%), equivalent to 0.36 points, and the HNX-Index decreased by 275.58 points (-1%), equivalent to 2.79 points.
Market liquidity reached VND 6,846.75 billion, with 300 million shares traded. Across the sector, 49 stocks rose, 255 fell, and 42 dropped to their reference price.
According to experts at Kirin Securities Joint Stock Company, at the close of yesterday's session, the VN-Index rose slightly thanks to the recovery of large-cap stocks, but liquidity remained low, indicating that the upward momentum during the session was not significant.
Trading volume decreased and was nearly 26% lower than the 20-day average, indicating that investor sentiment remains very cautious.
On the positive side, although the number of declining stocks significantly outnumbered the number of rising stocks, the flow of money into the rising stocks was more dominant.
However, due to low liquidity and the limited breadth of rising stocks, the signs of recovery are not yet clear.
Investors are maintaining a wait-and-see approach, anticipating the VN-Index to retest the support level around 1,780 points or for positive signals from increased liquidity before resuming net buying positions.
Brent crude oil closed on September 10th up $6.42, or 6.34%, at $107.63 per barrel; WTI crude oil rose $6.43, or 6.69%, to $102.48 per barrel. Prices for both types of oil reached their highest levels since May 19th and recorded their strongest gains in nearly two months.
