Energy stocks gain after oil prices rise

Friday, Jan 29, 2016 13:36

HA NOI (Biz Hub) — Vietnamese shares ended mixed on the two local exchanges this morning, while energy stocks made gains following higher oil prices.

The benchmark VN Index on the HCM Stock Exchange inched down 0.1 per cent to close at 538.80 points, while the HNX Index rose slightly to end at 76.19 points.

Energy stocks rebounded as global crude prices improved on expectations that the negotiation between leading oil exporters might help reduce the oversupply in oil markets.

American benchmark crude West Texas Intermediate (WTI) on Thursday rose 2.8 per cent to close trading at US$33.22 a barrel, and London-traded Brent crude gained 2.4 per cent to close at $33.89 a barrel. Both prices were the highest since January 7.

On Viet Nam's stock market, PetroVietnam Gas Corporation (GAS) was up 2.5 per cent, PetroVietnam Drilling and Well Services Corporation (PVD) surged 5.1 per cent, and PetroVietnam Mud Drilling Corporation (PVC) jumped 4.7 per cent.

However, the property sector slid, led by Vingroup JSC (VIC), which fell 1.2 per cent.

The banking sector ended mixed, with Vietcombank (VCB) rising 0.3 per cent, while Vietinbank (CTG) fell 0.6 per cent and Military Bank (MBB) was down 0.7 per cent.

Market liquidity was low, with nearly 83 million shares being traded, worth VND1.06 trillion ($47.2 million).— VNS

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