Markets climb on oil and gas stocks

Monday, Mar 04, 2019 12:32

Most major oil and gas stocks gained on Monday morning. — Photo

Shares rose steadily on the two national stock exchanges on Monday morning, propped up by oil and gas stocks.

The VN-Index on the Ho Chi Minh Stock Exchange increased 1.24 per cent to 991.74 points.

On the Ha Noi Stock Exchange, the HNX-Index edged up 0.8 per cent at 108.12 points.

A total of 156.5 million shares worth a combined VND3 trillion (US$131.5 million) changed hands on the two markets.

Oil and gas stocks drew attention this morning. Most major companies, including PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD), Petrolimex and PetroVietnam Technical Services (PVS), gained by more than 2 per cent.

Smaller firms such as PetroVietnam Drilling Mud (PVC) and PetroVietnam Coating (PVD) jumbed by 5 per cent and 9.5 per cent, respectively.

Oil prices climbed on Monday in global markets following supply cuts by OPEC and as the United States and China were reported to be close to signing a trade deal.

International Brent futures were up 0.5 per cent to trade at around $65.39 a barrel, while the US West Texas Intermediate (WTI) crude also increased 0.5 per cent to $56.08 per barrel.

Other blue chips also gained. Heavyweight stocks including Vinamilk (VNM), Vingroup (VIC), brewer Sabeco (SAB), Masan Group (MSN), Vietcombank (VCB), Vinhomes (VHM) and lender BIDV (BID) grew between 0.8 per cent and 2.5 per cent.

Afternoon trading starts at 1pm. – VNS

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