Market loses ground as large-caps falter

The benchmark VN-Index on the Ho Chi Minh Stock Exchange was down 0.18 per cent, closing the morning session at 984.07 points.

The southern market index was down 0.28 per cent, closing at 985.81 points on Tuesday.

Nearly 120.7 million shares, worth VND2.35 trillion (US$101 million), were traded on the southern bourse.

On the Ha Noi Stock Exchange, the HNX-Index lost 0.02 per cent to end Wednesday morning at 107.46 points.

The northern market index lost 0.22 per cent to end at 107.48 points on Tuesday.

Large-caps like HDBank (HDB), Vietinbank (CTG), Viet Nam Construction And Import-Export Joint-Stock Corporation (VCG) and Vincom Retail (VRE) saw strong drops and created strong pressure on the market indices.

Meanwhile, Petroleum stocks traded in the positive territory, boosted by the increase of oil prices.

Oil prices rose for a fourth day on Wednesday thanks to OPEC’s further tightening of supply.

According to Reuters, Brent futures climbed 35 cents, or 0.5 per cent, to $69.72 a barrel, after reaching $69.87, the highest since November 12 and near the psychologically important level of $70 per barrel.

US West Texas Intermediate crude extended 22 cents, or 0.4 per cent, to $62.80 cents a barrel, earlier going up to $62.90, the highest since November 7.

On the Vietnamese stock market, PetroVietnam Gas (GAS), PetroVietnam Drilling and Well Services (PVD), Drilling Mud Joint Stock Corporation (PVC) and PetroVietnam Technical Services Corporation (PVS) went up between 0.5 and 6.9 per cent, according to data on vietstock.vn.

The afternoon trading session starts at 1pm.