Oil stocks lift northern market
Oil stocks lift northern market
The HNX Index on the Ha Noi Stock Exchange continued to rise on Wednesday, as the energy sector led the market upturn on expectations of good earnings reports.
The index gained 0.53 per cent to end at 127.00 points, also boosted by investors switching to transact more on the northern bourse, as the HCM Stock Exchange has still not resumed operations after a technical crash on Monday.
The northern market index rose 1.97 per cent on Tuesday.
Meanwhile, the benchmark VN Index saw no change as the southern bourse has been switched off for maintenance.
The southern stock exchange experienced a sudden crash at 2.31pm on Monday. It was expected to return to normalcy on Wednesday, but is still shut down due to technical problems.
More than 37.3 million shares were traded on the northern exchanges, worth VND642.6 billion (US$28.2 million).
Declining stocks outnumbered the gaining ones by 75 to 68, while 75 other stocks ended flat.
On the HNX, among the best gainers of the oil sector were PetroVietnam Technical Services Corporation (PVS), gaining 1 per cent; PetroViet Nam Coating JSC (PVB), up 1.3 per cent; Petrovietnam - Nghe An Investment & Trading JSC (PXA), moving up 7.7 per cent; and Southern Gas Trading Joint Stock Company (PGS), lifting up 5 per cent.
They all gained, thanks to the positive movement of global oil prices.
Investors are optimistic that crude oil producers will continue to cut output, while strong economic prospects will boost fuel oil demand. On the New York Mercantile Exchange, oil prices rose 90 US cents to $64.47 per barrel.
The afternoon trade session starts at 1pm.
