Oil prices lift VN stocks in early trading

July 07, 2016 | 15:24

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Vietnamese shares rose in the early session, led by energy firms, steel producers and property developers.

Investors at a HCM City Securities Corp's trading platform. Higher oil prices helped boost local markets in the early session. - Photo vietbao.vn

The benchmark VN Index on the HCM Stock Exchange gained 0.8 per cent to close at 654.50 points.

The HNX Index on the Hà Nội Stock Exchange increased by 0.9 per cent to end at 87.45 points.

Energy firms had a positive trading session, after oil prices bounced back on Wednesday from a two-day decline.

London-traded Brent crude rose 1.8 per cent to close Wednesday's trading at US$48.80 a barrel. Brent crude was being traded at $48.96 a barrel during Thursday's session.

Among energy stocks, PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Technical Service Corp (PVS) advanced between 1.1 per cent and 1.6 per cent.

Property firms and steel producers moved higher as investors expected these stocks to announce higher profits for the second quarter.

In the real estate sector, Viet Nam Construction and Import-Export JSC (VCG), Sai Gon Thuong Tin Real Estate JSC (SCR) and FLC Group (FLC) were among strongest gainers.

Steel producers such as Hoa Sen Group (HSG), Hoa Phat Group (HPG) and Viet Nam-Italy Steel JSC (VIS) also made good gains.

Investors exchanged nearly 126 million shares worth VND2.2 trillion ($98 million).

VNS

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