Energy stocks push the VN Index to nine-year high. — Photo money.cnn.com
The benchmark VN Index rose to a nine-year high on Tuesday morning backed by the growth of energy stocks, even as banks tumbled on rising profit-taking pressure.
The key index on the HCM Stock Exchange went up 0.36 per cent to 786.34 points.
The two biggest listed oil companies, PV Gas (GAS) and PetroVietnam Drilling and Wells Service (PVD), advanced 1.3 per cent and 6.8 per cent, respectively.
PVD topped the list of the most active stocks this morning with 7.3 million shares being traded, despite its negative earnings in the second quarter. The company has reported a loss of around VND45 billion (US$16.7 million) in the second quarter, adding up to a total loss of VND246 billion in the first half of this year.
The firm attributed the poor result to a 34-40 per cent decline in the lease of drilling platforms over the past three months.
On the defensive side, four of the six listed banks slipped this morning under selling fire. Both BIDV (BID) and Military Bank (MBB), which posted good earnings, dropped by 0.5 per cent and 0.8 per cent, respectively.
On the Ha Noi Stock Exchange, the HNX Index edged up 0.27 per cent to 101.45 points.
A total of 180 million shares worth VND2.7 trillion ($119.5 million) were traded in the two markets.
The afternoon trade starts at 1pm. – VNS