Shares rebounded on the two local exchanges yesterday, lifted by energy stocks on increasing expectations of a short-term output curb agreement between oil producers.

The benchmark VN Index on the HCM Stock Exchange and the HNX Index on the Ha Noi Stock Exchange inched up 0.2 per cent each to close at 674.29 points and 80.75 points, respectively.

The VN Index had fallen 0.2 per cent in the previous two sessions and the HNX Index had dropped 0.6 per cent over the same period.

The energy industry was among the best performers yesterday after analysts and investors were optimistic that the Organisation of Petroleum Exporting Countries (OPEC) and other oil exporters could reach an agreement at their month-end meeting to resolve the global glut.

Russia was considering a six-month agreement to stabilise the market, Iran, one of OPEC’s leading exporters, was ordered to freeze its output at the current level instead of rising it to pre-sanction amounts, while other OPEC members were required to reduce their production.

Crude prices were boosted after recording a weekly gain. US crude West Texas Intermediate (WTI) added 1.6 per cent to trade at US$46.42 a barrel after rising 5.3 per cent last week.

Brent crude advanced 1.9 per cent to trade at $47.74 a barrel after jumping 4.7 per cent during the same period.

Among local energy producers, PetroVietnam Gas Corp (GAS) recovered from early losses to end up 0.1 per cent, PetroVietnam Drilling and Well Services Corp (PVD) increased by 2.8 per cent and PetroVietnam Technical Services Corp (PVS) edged up 0.6 per cent.

Steelmakers continued their good form after China decided to shut down more steel and cement plants in the province of Hubei from now to the end of this year to reduce emissions by 10 per cent.

Top steel producers such as Hoa Phat Group (HPG), Hoa Sen Group (HSG) and Tien Len Steel JSC (TLH) rose 1.7 per cent, 4.5 per cent and 6.7 per cent, respectively.

Dairy firm Vinamilk (VNM), the largest listed company by market capitalisation, was up 0.9 per cent after the State Capital Investment Corporation announced it would auction off more than 130 million Vinamilk shares on December 2.

The market yesterday also saw Airports Corporation of Viet Nam (ACV) being traded on the Unlisted Public Company Market (UPCoM) with the code ACV. ACV closed up 40 per cent.

More than 136 million shares were traded yesterday, worth VND2.4 trillion ($106.8 million). — VNS