VN-Index inches up with falling trade value

The index soared 12 points within minutes since the opening, but it gradually dropped throughout the afternoon and closed 5.34 points higher.

Trading value on Ho Chi Minh Stock Exchange (HoSE), on which the index is based, downed 30.6 percent to the two-week low of VND21.18 trillion ($927 billion).

Meanwhile, global markets surged on hopes that Russia and Ukraine may start negotiating more seriously on their differences, with Nasdaq Composite posted its biggest rise since March 2021 and Nikkei 225 rallied 3.8 percent, the most in nearly 21 months.

The VN30 basket, comprising the 30 largest capped stocks, saw 17 tickers in the green, with VNM of dairy giant Vinamilk gaining 2.7 percent after losing for six sessions in a row.

BVH of insurance company Bao Viet Holdings closed 1.8 percent higher, ending its three-session losing streak.

The Vingroup-related tickers, VIC of biggest private conglomerate Vingroup, VHM of property giant Vinhomes, and VRE of its mall operator arm Vincom Retail, rose between 1.3 and 1.6 percent.

Other gainers included STB of private lender Sacombank, up 1.4 percent, SAB of brewer Sabeco, up 1.3 percent.

Twelve blue chip tickers fell, with MSN of conglomerate Masan Group losing 3.5 percent and PNJ of Phu Nhuan Jewelry falling 2 percent.

Large cap energy stocks closed in the red after oil prices fell by more than 12 percent, the most in two years, after the UAE said it will be encouraging the Organization of the Petroleum Exporting Countries (OPEC) to consider higher output to bridge the gap from Russia’s supply.

GAS of state-owned PetroVietnam Gas lost 3.0 percent, while PLX of fuel distributor Petrolimex dropped 2.7 percent, and POW of PetroVietnam Power Corporation closed 0.9 percent lower.

Foreign investors were net sellers for the fourth session in a row to the tune of VND745 billion, focusing on HPG of steelmaker Hoa Phat and MSN of conglomerate Masan Group.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.68 percent, while the UPCoM-Index for the Unlisted Public Companies Market gained 1.7 percent.