Oil prices lift Vietnam stocks

May 16, 2016 | 15:48

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Vietnamese shares closed higher on both local markets this morning led by energy stocks, following a gain in oil prices.

Local markets ended higher this morning as energy stocks were boosted by higher oil prices. - Photo vietnamplus.vn

The benchmark VN Index on the HCM Stock Exchange rose 0.3 per cent to end at 612.73 points and the HNX Index on the Ha Noi Stock Exchange edged up 0.4 per cent to close at 81.55 points.

The energy sector boosted investor confidence as crude prices extended gains after a break on Friday on expectations that the global market may move into a deficit earlier than expected.

US crude West Texas Intermediate (WTI) advanced 1.5 per cent to trade at US$46.88 per barrel and London-traded Brent crude gained 1.3 per cent to trade at $48.46 per barrel.

Some of the largest energy stocks, such as PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Technical Service Corp (PVS), increased between 1.5 per cent and 3.1 per cent in local trading.

Property developers also helped lift the markets. Vingroup JSC (VIC) added 2.8 per cent, Kinh Bac City Development Share Holding Corp (KBC) increased by 0.8 per cent and Song Da Urban and Industrial Zone Investment and Development JSC (SJS) was up 1.7 per cent.

Both local markets traded more than 80 million shares worth VND1.3 trillion ($58 million).

VNS

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