Oil prices stay high; OPEC+ agrees to modest production hike

Global oil markets are experiencing a slight pullback in prices, though benchmarks like Brent crude ($108.5/barrel) and WTI ($102.08/barrel) remain elevated, reflecting ongoing supply concerns. This comes after OPEC+ reached an agreement to incrementally increase production by approximately 188,000 barrels per day starting in June, a move seen as a signal of the group's willingness to add supply once the current conflict subsides.

The strength of the US dollar continues to cast a shadow over other markets. The DXY index is holding firm, creating headwinds for precious metals like gold and silver, which are currently in a corrective trend. Similarly, major cryptocurrencies, including Bitcoin (BTC), are facing downward pressure. Bitcoin, which had recently approached $79,000, is now trading around $78,429, influenced by the complex geopolitical situation, particularly concerning the Strait of Hormuz.

Domestically, Vietnamese stock markets were closed for the extended holiday break (April 30-May 1). Prior to the break, the VN-Index experienced a decline, closing the last session of April down 21.74 points at 1,854.10, and the VN30 also fell, indicating selling pressure around key resistance levels.

Looking ahead, several Vietnamese companies have announced plans for dividend payouts. For instance, Phan Thiet Export Garment (PTG) and Ninh Binh Phosphate (NFC) are set to distribute cash dividends of 50% and 40% respectively. DIN Capital Investment Group (PDB) also plans a 40% cash dividend. These corporate actions provide some stability amidst broader market fluctuations. The overall market capitalization currently stands at approximately $420 billion, with the Vingroup conglomerate playing a significant role.