Oil prices boost local shares in early trading

Tuesday, Aug 09, 2016 12:20

Shares advanced in the early session as oil prices boosted investor confidence in energy stocks. — Photo vietnamplus.vn

HA NOI (Biz Hub) — Vietnamese shares advanced in the early session, as energy stocks continued to rise on higher oil prices.

The benchmark VN Index on the HCM Stock Exchange gained 1.2 per cent to close at 636.91 points.

The HNX Index on the Ha Noi Stock Exchange was up 0.5 per cent to end at 81.39 points.

London-traded Brent crude closed Monday at US$45.39 a barrel, an increase of 2.5 per cent from last week's close.

Higher oil prices helped to boost investor confidence in energy stocks.

PetroVietnam Gas Corp (GAS) added 1.7 per cent, PetroVietnam Drilling and Well Service Corp (PVD) jumped 3.6 per cent, and PetroVietnam Technical Services Corp (PVS) rose 3.9 per cent.

Higher investor confidence in the oil sector also helped to lift others such as property, insurance and food and beverage stocks.

Leading stocks in these sectors made gains.

Property developer Vingroup JSC (VIC) increased by 1.6 per cent, Vietcombank (VCB) was up one per cent, insurance firm Bao Viet Holdings (BVH) moved up 1.7 per cent and dairy firm Vinamilk (VNM) rose 2.5 per cent.

Investors on both local bourses exchanged nearly 75 million shares, worth VND1.3 trillion ($58 million).

The afternoon session starts at 1pm. — VNS

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