VN shares rise as crude rebounds
VN shares rise as crude rebounds
Vietnamese shares yesterday rose slightly on both local markets as energy stocks benefited from higher oil prices.
The benchmark VN Index on the HCM Stock Exchange gained 0.3 per cent to close at 566.17 points after dropping 2.2 per cent during the previous four days.
The HNX Index on the Ha Noi Stock Exchange inched up 0.2 per cent to end at 78.29 points, ending a two-day decline of 1.5 per cent.
Local energy stocks rose after US benchmark crude West Texas Intermediate (WTI) extended gains.
The WTI crude price yesterday gained 0.5 per cent to trade at US$37.68 a barrel and has increased by 8.5 per cent in the past three days, bouncing off an eleven-year low.
As a result, local energy stocks that made gains included PetroVietnam Gas Corporation (GAS) and PetroVietnam Drilling and Well Services Corporation (PVD), each of which was up 1.1 per cent, and fuel dealer Petrolimex Gas Corporation, which gained 0.7 per cent.
Local investors also became more confident in the market after foreign investors turned from net sellers to net buyers, Sai Gon-Ha Noi Securities Corporation (SHS) wrote in a report.
The biggest stocks that rose included food and beverage producer Masan Group (MSN), which jumped 2.2 per cent, giant dairy firm Vinamilk (VNM), which was up 0.8 per cent, and insurer Bao Viet Holdings (BVH), which rose 1 per cent.
In addition, another big stock, property developer Vingroup JSC (VIC) gained 0.7 per cent after the company yesterday officially launched three new shopping mall-entertainment-apartment complexes in HCM City, Phu Tho Province and An Giang Province. Vingroup has successfully launched 10 complexes this year.
On the opposite side, banks were the biggest disappointment as banks such as Vietcombank and the Bank for Investment and Development of Viet Nam (BIDV) falling 0.5 per cent and 1 per cent, respectively.
The two local markets traded more than 105 million shares worth nearly VND1.7 trillion ($75 million), a decrease of 12 per cent from Wednesday's trading value.
