Oil ends markets' losing streak

The trading platform on the MBS exchange floor. Local markets yesterday rebounded from losing streaks as rising oil prices boosted energy stocks. - VNS Photo Truong Vi

The benchmark VN Index on the HCM Stock Exchange rose 1.4 per cent to close at 575.73 points, ending a two-day decline of more than two per cent.

The HNX Index on the Ha Noi Stock Exchange bounced back 0.4 per cent from a three-day slide of 1.1 per cent to finish at 79.69 points.

The energy industry continued its upward trend as oil prices had the third gaining session after US production declined to its lowest point since October 2014 and the Organisation of Petroleum Exporting Countries (OPEC) said it could hold new talks in May on an output freeze.

US crude West Texas Intermediate (WTI) inched up 0.1 per cent to trade at US$44.22 a barrel and London-traded Brent crude rose slightly to trade at $45.82 a barrel.

US crude has advanced 11 per cent in the last three sessions after OPEC's talk in Doha broke down on Sunday, while Brent crude has increased by 6.8 per cent.

Among energy stocks, PetroVietnam Gas Corp (GAS) and PetroVietnam Drilling and Well Service Corp (PVD) surged 6.2 per cent and 5.7 per cent, respectively.

PetroVietnam Mud Drilling Corp (PVC) and PetroVietnam Technical Service Corp (PVS) jumped 4.5 per cent and 4.4 per cent, respectively.

The property sector also made good gains after official data from the Viet Nam Real Estate Association (VNREA) showed that this sector has made significant improvements during the first quarter, Bao Viet Securities Corp (BVSC) wrote in its daily report.

The property market has seen a stable and firm recovery in the first quarter, BVSC said. The market's growth in the first quarter is 3.4 per cent – the strongest growth since 2012 – while real-estate stockpiles by March 20 fell 6.4 per cent from the previous month to a value of VND44.85 trillion.

Among property developers, Vingroup JSC (VIC), Sai Gon Thuong Tin Real Estate JSC (SCR), An Duong Thao Dien JSC (HAR) and Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC) advanced between 1.8 per cent and 2.2 per cent.

Other companies with positive quarterly performance also helped boost the markets.

HCM City Securities Corp (HCM) gained two per cent after it reported a net profit of VND64.7 billion ($2.87 million), an increase of 40 per cent from last year's figure.

Phu Nhuan Jewelry JSC (PNJ) increased by 1.9 per cent after the jewelry trader reported a net profit of VND120 billion in the first quarter of 2016, a growth of 9.2 per cent from 2015's first quarter.

Both local markets exchanged nearly 149 million shares worth nearly VND2.2 trillion, a decrease of nearly 19 per cent from Wednesday.