VN-Index rebounds on gas and oil stocks

June 19, 2019 | 14:26

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The VN-Index bounced back on Wednesday morning after a two-day decline on the Ho Chi Minh Stock Exchange, propped up by oil and gas stocks.

A PV Gas LPG tanker. Shares of PV Gas gained 1.3 per cent to VND102,800 ($4.41) on Wednesday morning. - Photo pvn.vn

The VN-Index edged up 0.39 per cent to 947.70 points with 70.5 million shares worth VND1.5 trillion (US$64.4 million) being traded by the end of the morning session. The southern market index lost more than 1 per cent in the past two days.

The market breadth was positive with 164 stocks rising, 94 declining and 124 closing flat.

Blue chips led the market upturn with 21 of the top 30 largest shares by market value and liquidity advancing while only seven declined.

Big gainers included DHG Pharmaceutical (DHG), Vincom Retail (VRE), Hoa Phat Group (HPG), Saigon Securities Inc (SSI), Novaland Investment (NVL) and Refrigeration Electrical Engineering (REE) with each rising between 1-3 per cent.

Oil and gas stocks were among big supporters. The biggest listed gas company PV Gas (GAS) leapt 1.3 per cent while other firms such as PetroVietnam Drilling and Wells Service (PVD) and PetroVietnam Technical Services (PVS) increased 2.3 per cent and 1.8 per cent, respectively.

Crude oil climbed more than 2 per cent on Tuesday after the US and China said they would resume trade negotiations prior to the meeting of the two countries’ leaders at the G20 summit at the end of this month in Japan.

The Brent crude price rose 2 per cent to $62.14 per barrel while the West Texas Intermediate (WTI) oil price jumped 3.8 per cent to $53.9 per barrel.

In contrast, without the support of large-cap stocks, the HNX-Index on the Ha Noi Stock Exchange inched down 0.1 per cent to 103.65 points. Nearly 11 million shares worth VND174 billion changed hands in the morning session.

The afternoon session starts at 1pm.

VNA

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