Gasoline stocks rally on rising world oil prices

Stocks of gasoline companies in Vietnam enjoyed strong gains on Tuesday thanks to rising global oil prices.

An expansion was seen in all tickers in this group, with PTV of Petroleum Trading JSC hitting its ceiling price, PVB of PV Coating up 5.7%, PVC of Petrovietnam Chemicals And Services JSC 4.3%, PVS of Petrovietnam Technical Services Corporation 3.9%, and PVD of Petrovietnam Drilling 2.3%.

World oil prices rose $1 per barrel on Monday after three consecutive declining sessions amid fears of a tightening of crude oil supplies due to Canadian wildfires.

The VN-Index, representing the Ho Chi Minh Stock Exchange (HoSE), inches up 0.2 points, or 0.01%, to 1,065.91, with 169 gainers and 200 losers.

The major bourse saw more than 681 million shares changing hands for nearly VND11.3 trillion ($481.7 million), a drop of VND2.3 trillion from the previous session.

Blue chips was the main force that hindered the VN-Index gaining momentum as their VN30 index went down 1.26 points to 1,069.64.

VIC of Vietnamese conglomerate Vingroup had the most negative impact on the market, closing down 2.76% after a 5.2% rise in the previous session thanks to information about its subsidiary automaker VinFast’s upcoming listing in the U.S. via a merger with Black Spade Acquisition Co (BSAQ), a special purpose acquisition company (SPAC).

Other losers included MSN of Masan Group, MWG of Mobile World, and VPB of VPBank.

While aviation stocks showed good performance, manufacturing and retail codes closed in red.

Foreign investors continued to be net sellers on the HoSE to the tune of more than VND25.5 billion ($1.08 million). They mainly net sold CTG of VietinBank and KBC of Kinhbac City Development Holding Corp., while net purchasing HPG of steel maker Hoa Phat, VHM of Vinhomes, and VRE of Vincom Retail.

The HNX-Index on the Hanoi bourse rose 0.29 points to 214.62, while the UpCOM-Index on the unlisted public company market went up 0.18 points to 80.66.