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Higher oil prices boost VN stocks

Apr 21st at 13:39
21-04-2016 13:39:13+07:00

Higher oil prices boost VN stocks

Vietnamese shares showed mixed results on the two local markets this morning, with higher oil prices lifting energy stocks.

 

The benchmark VN Index on the HCM Stock Exchange rebounded 0.7 per cent to close at 572 points and the HNX Index on the Ha Noi Stock Exchange was down by 0.1 per cent to end at 79.32 points.

Global crude prices rose on Wednesday as US production declined to its lowest since October 2014 and OPEC planned new talks on output freeze, which could happen next month.

US crude West Texas Intermediate (WTI) on Wednesday advanced 3.8 per cent to close at US$42.63 per barrel, extending a two-day gain of 7.2 per cent.

Among energy stocks, PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Mud Drilling Corp (PVC) jumped between 3 per cent and 3.5 per cent.

Property firms also helped boost the markets after official data showed the property sector had recorded significant growth in the first quarter of this year.

Large property firms, such as Vingroup JSC (VIC) and Kinh Bac City Development Share Holding Corp (KBC), continued to lift the sector. VIC added 2 per cent and KBC was up 0.8 per cent.

Both local markets traded more than 75 million shares worth VND1.26 trillion ($56 million).

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