Oil prices continue to boost local markets

May 17, 2016 | 17:28

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Vietnamese shares extended gains on both local markets this morning as the energy sector rose further on higher oil prices.

Energy stocks remained the most important factor to lift both local markets this morning. - Photo vietnamplus.vn

The benchmark VN Index on the HCM Stock Exchange added 0.8 per cent to close at 620.59 points and the HNX Index on the Ha Noi Stock Exchange edged up 0.4 per cent to end at 82.07 points.

Increasing oil prices continued to lift the energy sector after US crude West Texas Intermediate (WTI) set up a fresh six-month high on expectations that crude stockpiles will drop for a second week.

WTI crude gained 1.1 per cent to trade at US$48.24, jumping 4.4 per cent in the last two sessions.

Energy stocks PetroVietnam Gas Corp (GAS), PetroVietnam Technical Service Corp (PVS) and PetroVietnam Drilling and Well Service Corp (PVD) advanced between 2.2 per cent and 5.6 per cent.

In addition, Hoang Anh Gia Lai JSC (HAG) and its subsidiary HAGL Agricultural JSC (HNG) surged 6.8 per cent each after the central bank approved proposals from local banks to help Hoang Anh Gia Lai JSC handle its debt, which amounted to VND32.9 trillion ($1.46 billion) at the end of last year.

Both local markets traded more than 114 million shares worth VND1.82 trillion.

VNS

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