Oil and gas stocks lift VN-Index

Monday, Aug 15, 2016 12:47

Stocks rise as liquidity remains low. — File Photo

HA NOI (Biz Hub) – Shares rose slightly this morning on the HCM Stock Exchange, led by the oil and gas group, after global oil recorded the best week in the past four months.

The benchmark VN-Index inched up 0.2 per cent to touch 656.8 points.

Most oil and gas stocks advanced, particularly PetroVietnam Drilling and Wells Service (PVD), which rose 2.9 per cent. Others such as PV Gas (GAS), PetroVietnam Technical Services (PVS), PetroVietnam Drilling Mud (PVC) and Petroleum Equipment Assembly & Metal Structure (PXS) increased between 0.8 per cent and 2.3 per cent.

American light oil WTI gained 6.4 per cent last week, while Brent crude climbed 6.1 per cent, experiencing the best week in the past one month.

However, many large-cap stocks such as VinGroup (VIC), Masan Group (MSN), Vietcombank (VCB) and Vietinbank (CTG), besides Hoa Sen Group (HSG) declined, restraining the market rise.

Liquidity remained low, with just 56 million shares worth nearly VND1.1 trillion (US$49.3 million), being traded by the end of the morning session.

On the smaller exchange in Ha Noi, the HNX-Index was down 0.2 per cent to close at 83 points, with total trading of 22.6 million shares worth VND265 billion.

The afternoon session begins at 1pm. – VNS

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