Oil transmission pipes at the PV Oil Corporation. The increase of world oil prices has helped local oil and gas stocks advance. — VNA/VNS Photo Huy Hung
Vietnamese shares advanced on Wednesday with the two main stock indices rising, largely on the strength of a handful of banking and energy blue-chips.
The VN-Index on the Ho Chi Minh Stock Exchange rose 0.99 per cent to end trading at 994.38 points.
The southern market index rose 0.37 per cent to end Tuesday at 984.67 points.
On the Ha Noi Stock Exchange, the HNX-Index increased 0.03 per cent to 103.01 points.
The index increased 0.38 per cent to end Tuesday on 102.98 points.
More than 233.6 million shares worth nearly VND7.4 trillion (US$316 million) were traded on the two markets.
The Vietnamese stock market was driven by real estate, insurance, securities, energy, banking, retail, food and beverage, rubber production, construction, and construction materials.
Their sector indices rose between 0.03 per cent and 2.67 per cent, data on vietstock.vn showed.
Large-cap stocks advanced on Wednesday with the VN30-Index increasing by 0.68 per cent to end at 900.54 points.
Pillars that supported the market included Vietcombank (VCB) (up 4 per cent), Vingroup (VIC) (up 1.2 per cent), PetroVietnam Gas JSC (GAS) (up 2,1 per cent) and Bank for Investment and Development (BID) (up 2.9 per cent).
With the increase of world oil prices, local oil and gas stocks like PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD), Drilling Mud Joint Stock Corporation (PVC) and PetroVietnam Gas JSC (GAS) also advanced.
Future Brent crude oil price rose by 29 cents, or 0.5 per cent, to $60.03 per barrel. Future WTI oil prices rose 13 cents to $56.34 per barrel.
The market was also supported by net buying from foreign investors. They net bought VND113.35 billion on HOSE on Tuesday, including CMC Corporation (CMG) (VND202.95 billion), Cuong Thuan IDICO Development Investment Coporation (CTI) (VND25.44 billion) and Masan Group (MSN) (VND15.84 billion). They were net sellers on the HNX with value of VND59.09 billion.
According to BIDV Securities Company, in favourable conditions, the VN-Index may test the strong resistance of 1,000 points this week.
Industrial real estate developers suffered strong profit taking pressure, which made them fall after strong gains in recent sessions. Decliners included Kinh Bac City Development Holding Corp (KBC) (down 1.6 per cent), Sonadezi Long Thanh Holding Company (SZL) (down 3 per cent) and Industrial Urban Development JSC No 2 (D2D) (down 2 per cent). — VNS