Illustrative image (Source: VNA) Hanoi (VNA) –Vietnam’s benchmark VN Index marginally surpassed the record high of 1,170points on March 22 as energy stocks remained upbeat and insurers andagriculture firms performed strongly as well.
The VN Index on the HCM Stock Exchange edged up 0.26 percent to end at 1,172.36points, posting a nine-day increase of 4.3 percent in total.
The benchmark index narrowed its growth from the intraday gaining pace of 0.94percent, which helped the VN Index rise to the 1,180-point level.
More than 233.3 million shares were traded on the southern bourse, worth 6.63trillion VND (294.7 million USD).
However, the trading condition was quite negative as declining stocksoutnumbered gainers by 172 to 116 and 56 others ended flat.
Rising oil prices and growing energy stocks remained the most important factorsthat boosted the benchmark index over its former all-time high of 1,170 points.
Though Brent crude returned to the negative territory on March 22, down 0.5 percent,it has gained a total of 4.6 percent in the last three days.
The slight decrease of oil prices on the day was attributed to an increasein US oil output, which threatened to undermine efforts to tightenthe market.
▨ Recent gains in oil prices were caused by a surprise decline of US crudeinventories and the ongoing supply cut led by the Organisation of PetroleumExporting Countries (OPEC).
Energy stocks on the HCM Stock Exchange continued to outperform. PetroVietnamGas (GAS) surged 5.2 percent and PetroVietnam Drilling and Well Services (PVD)was up 2.5 percent.
Following the energy sector were the insurance, agriculture and IT industries,led by insurer Bảo Việt Holdings (BVH), Hoàng Anh Gia Lai (HAG) and itsagricultural arm HAGL Agrico (HNG).
On the opposite side, the benchmark index suffered strong investor selling whenit touched the intraday peak of 1,180 points.
Profit-taking hit securities firms, banks, healthcare and pharmaceutical firms,retailers and rubber producers.
The worst decliners among those stocks were HDBank (HDB), Vietcombank (VCB),BIDV Securities Co (BSI), VNDirect Securities (VND), DHG Pharmaceutical JSC(DHG), Domesco Medical Import-Export JSC (DMC) and digital retailer MobileWorld (MWG).
The VN Index is forecast to encounter strong profit-taking pressure frominvestors as it has now reached a new peak and the index may move within therange of 1,170-1,180 points, it said.
The minor HNX Index on the Hanoi Stock Exchange went down 0.68 percent to closeat 134.04 points, totalling a two-day decline of 0.9 percent.
ꦍ The UPCOM Index on the Unlisted Public Company Market (UPCoM) fell 0.41 percentto 60.39 points. It has lost a total of 2.3 percent in the last four sessions.-VNA
