Oil and gas lift the VN-Index
Shares saw modest gains in HCM City’s market on Monday morning but tred water on the Ha Noi’s bourse.
The VN-Index on the Ho Chi Minh Stock Exchange edged up 0.34 per cent at 990.60 points. Viet Nam’s benchmark index gained 1.35 per cent last week.
On the Ha Noi Stock Exchange, the HNX-Index closed marginally down 0.01 per cent at 102.18 points. The northern market index was nearly unmoved last week.
Oil and gas stocks were bright spots when the market breadth was rather negative with 204 stocks falling, 192 rising and 368 closing flat in the two markets.
PV Gas (GAS), the biggest energy listing by market value, rose 2.2 per cent. PetroVietnam Technical Services (PVS) and PetroVietnam Drilling and Well Services (PVD) climbed 4.1 and 3.1 per cent, respectively.
PetroVietnam Coating (PVB)’s growth slowed down from 2.9 per cent in early morning to 0.5 by the end of the morning trade.
Strong gains of oil prices on the global market were seen to support oil and gas stocks.
Brent crude soared 19 per cent on Sunday to US$71.95 per barrel while the West Texas Intermediary (WTI) oil increased more than 15 per cent to $63.34 per barrel after Saturday’s attack on Saudi Arabian oil facilities disrupted global supply. These were their highest prices since May.
Oil price continued to gain early Monday but slowed down their growth after US President Donald Trump said he would allow the use of oil from the country’s emergency reserve if necessary.
A total of more than 112 million shares worth VND3.7 trillion ($157.8 million) were traded in the two markets.
The afternoon trade starts at 1pm.