Vietcombank and oil firms drive market up

Friday, Sep 09, 2016 12:51

Local shares rose in the early session, driven by Vietcombank (VCB) as the stock jumped 5.4 per cent on its ex-dividend date. — Photo

HA NOI (Biz Hub) — Shares extended gains in the early session, driven by Vietcombank and oil companies.

The benchmark VN Index on the HCM Stock Exchange edged up 0.5 per cent to close at 669.49 points.

The HNX Index on the Ha Noi Stock Exchange struggled to end slightly up at 84.72 points following a sharp slump during the session.

Vietcombank (VCB) and energy stocks were the foundation for the market's gains this morning.

VCB jumped 5.4 per cent as today is the bank's ex-dividend date. Vietcombank plans to pay a dividend of 10 per cent in cash and issue bonus shares at a rate of 35 per cent.

Energy stocks continued to rise after oil prices closed higher at the end of Thursday's trading session.

US crude advanced 4.7 per cent to finish at US$47.62 per barrel and London-traded Brent crude jumped 4.2 per cent to nearly $50 per barrel.

On the local market, PetroVietnam Gas Corp (GAS) and PetroVietnam Coating Corp (PVD) added 1.6 per cent each, while PetroVietnam Drilling and Well Services Corp (PVD) rose 1.5 per cent.

Pharmaceutical firms remained one of the most attractive stocks on expectations of an increase in foreign ownership.

Two leading pharmaceutical firms – Domesco Medical Import Export Corp (DMC) and DHG Pharmaceutical JSC (DHG) – gained 1 per cent and 2.9 per cent, respectively.

More than 79.6 million shares were traded this morning worth VND1.67 trillion ($74.35 million). — VNS

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