Oil, gas shares lead market gains
Oil, gas shares lead market gains
Shares extended last week's rally on both national stock exchanges August 21.
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| Source: VietstockFinance |
The benchmark VN-Index on the HCM City Stock Exchange added another 0.88 per cent to reach 437.28 points, as advancers overwhelmed decliners by 139-70.
The VN30 index, which represents the city's 30 best stocks led by capitalisation and liquidity, also edged up 1.1 per cent to stand at 521.28 points.
The VN30's blue chips performed well, with only infrastructure investment group Tan Tao (ITA) and Phu Nhuan Jewelry (PNJ) retreating.
The overall value of trades on the southern bourse increased slightly, compared to last Friday's level, to VND757.9 billion (US$36 million) on a volume of 41.5 million shares.
Military Bank (MBB) was the most active listed code with 2.4 million shares changing hands.
Oil and gas stocks listed in HCM City have recently been among the best performing shares. Phu My Fertiliser (DPM), gas giant PetroVietnam Gas Corp (GAS) and PetroVietnam Low Pressure Gas Distribution Co (PGD) currently enjoy high profits and have a bright outlook.
The three shares increased by around VND10,000 during the recent month. While DPM rose thanks to the rumour that the company would carry out a stock split, its spokeswoman Nguyen Thi Hien said the company had no such plans.
Meanwhile, GAS saw four straight sessions of increase after news it would be selected to join the international investment MSCI Frontier Index. It also had a surging trading volume of 2.4 million shares last Friday.
"Oil and gas shares deserve to be the mainstay of the market," commented analysts for a securities firm in Ha Noi.
On the Ha Noi Stock Exchange, the HNX-Index put on 0.43 per cent, reaching 70.65 points.
Investors traded over 32 million shares, worth a total value of VND308 billion ($14.6 million).
Major stocks in Ha Noi helped the HNX30 inch up by only 0.4 per cent to 135.17 points.
VNDirect Securities Co (VND) became the most active stock nationwide, seeing nearly 3 million shares exchanged.
Although BIDV Securities Co analyst Hoang Anh Tuan said last week's positive news would continue to boost the market, the monthly consumer price index was announced yesterday afternoon to have risen by 0.57 per cent over July, halting a two-month decline.
This could be a negative factor for the market in the coming sessions.
Late last week, positive news on the economy, including data on stronger credit growth, helped boost the market. In addition, the State Securities Commission said it would shorten payment period for trade of shares beginning from September 4
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