First test on the road to 700 - Oil&Gas industry update
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Oil prices rallied 5.3% after OPEC signaled it could agree to limit production in November (the impact of this event are appraised in our Analyst Pin board today). This news came right at a time when market was in need of a leading sector to replace banking stocks who lost momentum today. Oil and gas stocks rose strongly and helped VN-Index to climb 4 points in the morning. However, surprise happened in the early afternoon as VN-Index suddenly drops below the reference, mostly due to BVH and VCB. Many stocks turned from green to red and the volume of stocks sold in red also increased, a sign of profit taking from many investors. Then there was a turnaround, which came as fast as the sudden drop, and VN-Index moved back to green. Market gradually returned to balance, with equal number of gainers and losers. At the close, VN-Index increased by 0.27% to 688.55 points, but the increase has shrunk significantly compared to the morning session. Meanwhile, HNX-Index surged 0.89% to 85.07 points thanks to PVS.
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