VN stocks rise, boosted by energy sector

Wednesday, Apr 06, 2016 14:25

Vietnamese shares extended gains this morning as energy firms benefited from rebounding oil prices on Tuesday. — Photo

HA NOI (Biz Hub) — Vietnamese shares extended their gains on both local markets this morning, led by energy stocks.

The benchmark VN Index on the HCM Stock Exchange rose 0.5 per cent to close at 562.93 points.

The HNX Index on the Ha Noi Stock Exchange inched up 0.2 per cent to end at 79.05 points.

Energy stocks lifted both markets as global crude prices rebounded on Tuesday from a two-day decline, on expectations that an agreement on production freeze could be reached without Iran's participation.

London-traded Brent crude on Tuesday added 0.5 per cent to close at US$37.87 a barrel, and advanced 1.8 per cent to trade at $38.56 a barrel.

Among local energy stocks, PetroVietnam Gas Corporation (GAS) and PetroVietnam Mud Drilling Corporation (PVC) jumped 3.6 per cent and 3.1 per cent, respectively.

PetroVietnam Drilling and Well Service Corporation (PVD) and PetroVietnam Technical Service Corporation (PVS) were up 2.2 per cent and 1.9 per cent, respectively.

Additionally, local banks advanced to boost markets. The Bank for Investment and Development of Viet Nam (BID) added 1.2 per cent, and Sacombank (STB) increased by 0.9 per cent.

However, food and beverage producers declined, led by Vinamilk (VNM), which fell 0.7 per cent.

Both local markets traded more than 78 million shares, worth nearly VND1.1 trillion ($48.3 million). — VNS

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