VN-Index beats resistance level of 960 points

Despite the slight fall of VN-Index at 0.06% in the morning session, the index saw a quick rally in the afternoon due to strong demand for oil and gas stocks and some blue chips.

The VN-Index of the Hochiminh Stock Exchange closed at 965.34 points, up 6.8 points, or 0.71% against the day earlier, with 144 gainers and 146 decliners.

The southern market saw 158.17 million shares worth VND3.48 trillion transacted, down 32% in volume and 23% in value from Monday’s session. Of these, block deals accounted for 23 million shares, contributing over VND570 billion to the total value.

Oil and gas stocks, especially POW, lit up the southern market. POW went up to the ceiling price of VND15,200, with 5.56 million shares matched. The stock took the third spot in terms of liquidity on the southern bourse.

In addition to heavy domestic demand, foreign investors net bought more than one million POW shares.

Other oil and gas stocks also improved significantly, with gas firm GAS closing the day up 2.3% at VND109,000. Further, its fellow PLX advanced 2.6% at VND62,400 with over one million shares traded while PVD jumped 5.5% at VND21,200 with 6.3 million shares changing hands.

Strong demand also focused on other blue chips. The VN30 basket had 18 stocks rising, including brewery SAB, dairy producer VNM, property group VIC, lender VCB and low-cost carrier VJC, positively contributing to the gain of the index.

Construction firm ROS ended the session up a whopping 6.2% at VND34,000 against the reference price of VND32,000. ROS led the southern market by liquidity with more than 11.2 million shares changing hands, the highest level over the past 1.5 months.

Construction firm ITA, realty developers KBC, DLG and LDG, and plastic firm AAA also saw high trading volumes while property developers FLC, HBC and DXG and rubber producer VHG ended down.

On the Hanoi Stock Exchange, the HNX-Index rose 0.08% at 105.7 points. The northern bourse saw 37.22 million shares worth VND524 billion changing hands, surging 41% in volume and 30% in value against the session earlier.

Oil and gas stocks and blue chips acted as a key driver for the northern market.  Oil and gas firm PVS was the most actively traded stock on the market, finishing the day up 4.7% at VND24,300 per share, with 5.7 million shares changing hands.

Construction firm VCG, insurer PVI and realty firm NDN edged up 1.2%, 2.7% and 7.6%, respectively, against the session earlier.

Meanwhile, lenders ACB, NVB and SHB, industrial firm VCS and plastic firm NTP were key laggards on the northern exchange.