Vietnam stocks make large gains

January 25, 2016 | 15:09

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Vietnamese shares rose sharply this morning on both local markets, led by banks and energy firms.

The benchmark VN Index on the HCM Stock Exchange surged 3.1 per cent to close at 538.16 points. - VNS Photo Gia Vi

The benchmark VN Index on the HCM Stock Exchange surged 3.1 per cent to close at 538.16 points, and the HNX Index on the Ha Noi Stock Exchange gained 1.9 per cent to end at 75.28 points.

Energy stocks made gains after global oil prices continued to recover from 12-year lows. American benchmark crude West Texas Intermediate (WTI) was up 0.7 per cent to trade at US$32.42 a barrel, and London-trade Brent crude gained 1.3 per cent to trade at $32.59 a barrel.

Energy stocks made large gains. PetroVietnam Gas Corporation (GAS) surged 6.9 per cent, PetroVietnam Drilling and Well Services Corporation (PVD) jumped 6.7 per cent, and PetroVietnam Technical Services Corporation (PVS) rallied 9.8 per cent.

The recovery of oil prices also helped to improve investor confidence in large-cap stocks, especially banks. Among all nine listed banks, Vietcombank (VCB) jumped 4.6 per cent, the Bank for Investment and Development of Vietnam (BID) gained 6.7 per cent, and Vietinbank (CTG) rose 6.8 per cent.

Other large stocks on the market also made gains, including Vinamilk (VNM), Sai Gon Securities Incorporation (SSI) and Masan Group (MSN).

Both local markets traded 118 million shares in all, worth VND1.43 trillion ($63.4 million).

VNS

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