Confidence in oil, Remain vote lifts VN stocks
Confidence in oil, Remain vote lifts VN stocks
Vietnamese shares rebounded yesterday as investors became more confident on expectations that Great Britain may not leave the European Union and as higher oil prices boosted energy stocks.
The benchmark VN Index on the HCM Stock Exchange (HoSE) rose 1.2 per cent to finish at 626.46 points, balancing a loss made in the previous two sessions.
The HNX Index on the Ha Noi Stock Exchange (HNX) edged up 0.5 per cent to close at 84.37 points, erasing a similar loss recorded during the previous three days.
Viet Nam's stock market benefited from better investor confidence across Asia on speculations that Great Britain may not leave the European Union, Bao Viet Securities Corp (BVSC) wrote in its daily report.
Better investor confidence resulted in net foreign buying of VND75 billion (US$3.33 million) and lifted large-cap stocks on both exchanges.
Large-cap stocks that saw gains included insurer Bao Viet Holdings (BVH), property and retail firm Vingroup JSC (VIC) and Vietinbank (CTG) on HoSE, and Vicostone JSC (VCS), in addition to Asia Commercial Bank (ACB) and Sai Gon-Ha Noi Bank (SHB).
BVH gained 1.7 per cent, VIC advanced 2.9 per cent, CTG was up 0.6 per cent, and VCS jumped 4.1 per cent, while ACB increased by 0.5 per cent and SHB added 1.6 per cent.
Stocks that declined on foreign selling during the review of exchange traded funds' investment portfolios also made the expected comebacks.
Among those shares, car parts distributor Hoang Huy Investment Services JSC (HHS) moved up 4.1 per cent, Sai Gon Securities Inc (SSI) gained 2 per cent, and sugar producer Thanh Cong Tay Ninh JSC (SBT) was up 1.2 per cent.
Additionally, a strong recovery of oil prices in the past two days has driven the energy sector up.
US crude West Texas Intermediate (WTI) and London-traded Brent crude rose 1.7 per cent each to trade at $48.81 and $50 a barrel, respectively.
US crude has jumped 5.6 per cent in two trading sessions and Brent crude has surged 5.9 per cent during the same time.
The energy sector was boosted by PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD), and PetroVietnam Coating Corp (PVB).
GAS jumped 3.4 per cent, PVB advanced 3.6 per cent, and PVD surged 7 per cent.
The markets also witnessed Mobile World Investment Corp (MWG) surging to 7 per cent after the company recorded a higher profit in May from last year's figure.
Investors yesterday exchanged more than 158 million shares worth VND2.6 trillion, down 7 per cent from last week's daily trading value.
