Energy stocks lift markets

Tuesday, May 31, 2016 12:30

Energy stocks helped boost local markets in the early session after oil prices maintained their recovery. — Photo

HA NOI (Biz Hub) — Vietnamese shares continued their upward trend on both local exchanges in the early session as energy stocks were lifted by increasing oil prices.

The benchmark VN Index on the HCM Stock Exchange advanced 0.9 per cent to close at 619.92 points and the HNX Index on the Ha Noi Stock Exchange gained 0.2 per cent to end at 81.70 points.

The energy sector lifted the markets after global crude prices recovered from late last week's declines. US crude West Texas Intermediate (WTI) added 0.5 per cent to trade at US$49.58 per barrel.

Local energy stocks had a good session. PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Mud Drilling Corp (PVC) rose between 2.9 per cent and 5.1 per cent.

Property firms continued their good performance from Monday. Vingroup JSC (VIC) increased by 0.9 per cent and Song Da Urban and Industrial Zone Investment and Development JSC (SJS) and Nam Long Investment Corp (NLG) edged up 0.4 per cent each.

Other blue chips, such as dairy firm Vinamilk (VNM), Vietinbank (CTG), insurer Bao Viet Holdings (BVH) and Asia Commercial Bank (ACB), also made gains.

Both local markets traded nearly 92 million shares worth VND1.39 trillion ($62 million). — VNS

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