Oil and gas stocks lifted the market on December 1 as global oil prices surged after the Organisation of Petroleum Exporting Countries (OPEC) members finally reached a consensus on production cuts.
Energy stocks soared yesterday, boosting the local securities market (Source: www.cafef.vn)
Hanoi (VNA) - Oil and gas stocks lifted the market on December 1 as globaloil prices surged after the Organisation of Petroleum Exporting Countries(OPEC) members finally reached a consensus on production cuts.
However,persistent net selling by foreigners continued to weigh on the local market.
Thebenchmark VN-Index, the measure of 319 stocks on the HCM Stock Exchange inchedup 0.2 percent to close at 666.5 points. The gauge slipped 1.5 percent inNovember.
Onthe Hanoi Stock Exchange, the HNX-Index tracking 375 stocks increased 1.1 percentto end at 81.6 points. The Index lost 5.1 percent last month.
Oil and gas stocks shored up the market, with major shares such as PV Gas(GAS), PetroVietnam Drilling and Wells Service (PVD), PetroVietnam Drilling Mud(PVC), PetroVietnam Coating (PVB) and Petroleum Equipment Assembly & MetalStructure (PXS) hitting the daily limit of 7 percent and 10 percent in HCM Cityand Hanoi exchanges, respectively.
Oil future contracts gained more than 9 percent on November 30 after the14-member OPEC decided to cut daily production for the first time in eightyears by 1.2 million barrels a day, to a ceiling of 32.5 million barrels. Thekey non-OPEC oil producers have agreed to cut production by 600,000 barrels aday.
According to some securities companies, OPEC’s oil production cut and risingdemand for energy in winter in the United States are likely to support oilprices in the future.
However, this new policy could take some time to impact business performance,although the domestic oil industry is expected to thrive next year.
At the other end of spectrum, the biggest listed stock Vinamilk (VNM) lost 2 percentafter two-day rally under foreign selling pressure. Its shares continued to topthe most-sold list by foreign investors yesterday for a net value of 101.4billion VND (4.5 million USD). Foreigners offloaded VNM shares for a totalvalue of 604 billion VND in November.
They were also net sellers in the two markets last month, for a total value of1.6 trillion VND.
Liquidity decreased with 173.2 million shares worth 3.2 trillion VND (88million USD) traded in the two markets, down 10.8 percent in volume and 11.1 percentin value compared to November 30.-VNA
Shares closed down on both national exchanges on November 18 as traders increased selling based on an uncertain market outlook, especially as foreign investors offloaded large-cap stocks.
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Energy stocks soared yesterday, boosting the local securities market (Source: www.cafef.vn) 
