VN index advances on energy stocks

Tuesday, Mar 15, 2016 08:08

Investors at VP Securities Corporation's exchange floor. The VN Index yesterday rallied 1.1 per cent for a third day on energy stocks. — VNS Photo Truong Vi

HA NOI (Biz Hub) — Vietnamese shares were mixed yesterday on the two local exchanges, while energy stocks remained the most important factor to lift the markets.

The benchmark VN Index on the HCM Stock Exchange increased by 0.1 per cent to close at 577.98 points, rallying 1.1 per cent over a third trading day.

Meanwhile, the HNX Index on the Ha Noi Stock Exchange inched down 0.1 per cent to finish at 80.00 points. The northen index had gained 1.2 per cent in the previous three sessions.

Energy stocks extended rallies on recent gains in global crude prices, remaining the most important factor in lifting markets, Bao Viet Securities Corporation (BVSC) wrote in its daily report.

London-traded Brent crude on Friday closed last week's trading at US$40.39 a barrel, an increase of 4.3 per cent from the previous week, and US benchmark crude West Texas Intermediate (WTI) jumped 7.2 per cent during last week to close at $38.50 a barrel.

Among local energy stocks, PetroVietnam Gas Corporation (GAS) inched up 0.2 per cent, while PetroVietnam Drilling and Well Service Corporation (PVD) and PetroVietnam Coating Corporation (PVB) added 1.1 per cent and 1.2 per cent, respectively.

However, crude prices moved into negative territory during yesterday's session after Iran refused to join an agreement on freezing production until it restores its pre-sanction output level. WTI fell 2.1 per cent to trade at $37.69 a barrel and Brent crude dropped 1.6 per cent to trade at $39.73 a barrel.

Additionally, steel makers also helped drive the markets up following a circular issued early last week by the Ministry of Industry and Trade to increase tax on imported steel products and protect local producers.

Steel maker Hoa Phat Group (HPG) and Viet Nam-Italy Steel JSC (VIS) jumped 4.2 per cent each, while Hoa Sen Group (HSG) was up 1.2 per cent.

Other stocks that also rose included sugar producer Thanh Thanh Cong Tay Ninh JSC (SBT), HCM City Infrastructure Investment JSC (CII), TNG Investment and Trading JSC (TNG) and food and beverage producer Masan Group (MSN), which rose 6 per cent, 1.2 per cent, 2.8 per cent and 2 per cent, respectively.

MSN also recorded a negotiation-based deal, which was worth VND3.1 trillion ($137.8 million), which helped the markets trade nearly 231 million shares worth VND5.82 trillion ($259 million) – the highest trading value in the last six years.

On the opposite side, financial companies weighed on the markets, led by Sai Gon-Ha Noi Bank (SHB), Military Bank (MBB), the Asia Commercial Bank (ACB), insurer Bao Viet Holdings, HCM City Securities Corporation (HCM) and Sai Gon Securities Incorporation (SSI). — VNS

Comments (0)