Stocks rebound on rallying oil prices
Stocks rebound on rallying oil prices
Vietnamese shares rose yesterday as higher crude prices lifted energy stocks and foreign investors' selling value decreased from the previous sessions.
The benchmark VN Index on the HCM Stock Exchange bounced back 0.7 per cent to finish at 666.07 points after losing 2 per cent in the previous four sessions.
The HNX Index on the Ha Noi Stock Exchange rebounded 0.6 per cent from Wednesday's fall to maintain its upward trend. The HNX Index closed at 84.69 points.
The energy sector was the main driver for the market yesterday as it benefited from higher crude prices after oil exporters have been discussing a production freeze to reduce the current global glut.
US crude West Texas Intermediate (WTI) advanced 1.7 per cent to trade at US$46.26 a barrel, and London-traded Brent crude added 1.4 per cent to trade at $48.64 a barrel. They were both up at least 7 per cent since the beginning of this month.
Local energy stocks such as PetroVietnam Gas Corp (GAS), PetroVietnam Technical Services Corp (PVS) and PetroVietnam Coating Corp (PVB) increased in the range of 1 per cent and 2.7 per cent.
The largest stock in terms of market capitalisation, dairy firm Vinamilk (VNM), yesterday bounced back 0.7 per cent after declining by 6.4 per cent in the previous four days. Vinamilk on Wednesday was announced among eight winners for import quotas of refined sugar.
Two listed sugar companies, Bien Hoa Sugar JSC (BHS) and Thanh Thanh Cong Tay Ninh Sugar and Sugarcane Co (SBT) also won bids for import quotas of raw sugar.
These two stocks moved in different ways with BHS surging 6.7 per cent while SBT pulling back 0.9 per cent from a two-day increase of 1.5 per cent.
Other blue chips such as Bank for Investment and Development of Viet Nam (BID), property developer Vingroup JSC (VIC) and consumer goods producer Masan Group (MSN) also ended higher.
Lower foreign net sell value yesterday also helped bolster market sentiment, which has declined in the previous four sessions.
Foreign investors yesterday recorded a net sell value of more than VND124 billion ($5.5million), nearly half of that made on Wednesday.
Viet Nam's central bank yesterday set its daily reference mid-point rate at VND21,914 for a US dollar, down slightly from Wednesday's value of VND21,917.
Property developer FLC Group (FLC) was the most active stocks with nearly 8.8 million shares in trading. More than 168 million shares were exchanged in total, worth VND3.66 trillion – up slightly from Wednesday's trading value.
