Energy stocks boost VN markets

Tuesday, May 17, 2016 08:12

An investor keeps track of stock movements. The VN Index yesterday rebounded from a two-day decline as energy stocks benefited from higher oil prices. — VNS Photo Doan Tung

HA NOI (Biz Hub) — Vietnamese shares rose on both local markets yesterday, beating the earlier forecast as energy stocks benefited from higher oil prices.

The benchmark VN Index on the HCM Stock Exchange gained 0.8 per cent to close at 615.78 points, rebounding from a two-day decline of 0.5 per cent.

The HNX Index on the Ha Noi Stock Exchange added 0.6 per cent to end at 81.75 points, extending a four-day gain totalling 1.9 per cent.

Local energy stocks yesterday made good gains as oil prices bounced back from Friday's losses on expectations that the market will reach a deficit earlier than expected.

US crude West Texas Intermediate (WTI) advanced 1.7 per cent to reach a six-month high of US$47.01 a barrel, and London-traded Brent crude was up 1.9 per cent to trade at $48.73 a barrel.

In the energy sector, the largest stocks such as PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Technical Service Corp (PVS) jumped between 2.6 per cent and 5.7 per cent.

Other blue chips also helped boost the two bourses yesterday, including dairy firm Vinamilk (VNM) and property developer Vingroup JSC (VIC).

VNM increased by 1.4 per cent after the State Capital and Investment Corp (SCIC) announced it will buy 500,000 of Vinamilk's shares.

VIC rose 2.8 per cent after the giant property-retail corporation got approval from Ha Noi's authorities to build a new apartment-shopping-entertainment complex in the city.

Other blue chips such as Vietcombank (VCB), Sacombank (STB), insurer Bao Viet Holdings (BVH), consumer goods producer Masan Group (MSN) and Sai Gon Securities Inc (SSI) also provided good support for the markets.

VCB rebounded 1.5 per cent from Friday's decline, STB jumped 3.4 per cent to extend its rally of 17.5 per cent for a third day, BVH and MSN added 0.9 per cent and 0.7 per cent respectively, while SSI gained 2 per cent.

Other large-cap stocks that made gains on the two local exchanges were An Phat Plastic and Green Environment JSC (AAA), Asia Commercial Bank (ACB) and HCM City Securities Corp (HCM).

Both local exchanges traded more than 151 million shares worth nearly VND2.5 trillion ($110.5 million), a decrease of 18 per cent from last week's daily trading value. — VNS

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