VN stocks extend rally on higher oil prices

March 03, 2016 | 14:08

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Vietnamese shares rose slightly this morning to extend their rally, as higher crude prices on Wednesday boosted energy stocks.

A local investor looks at the stock screen. - File Photo

The benchmark VN Index on the HCM Stock Exchange inched up 0.1 per cent to close at 570.67 points, and the HNX Index on the Ha Noi Stock Exchange rose 0.2 per cent to end at 79.43 points.

Global crude prices advanced on Wednesday on expectations that co-operation between Russia and the Organisation of Petroleum Exporting Countries (OPEC) will help improve prices.

American benchmark crude West Texas Intermediate (WTI) gained 0.8 per cent to close Wednesday's trading at US$34.66 a barrel, and London-traded Brent crude added 0.3 per cent to close at $36.93 a barrel.

Among local energy stocks, PetroVietnam Gas Corporation (GAS) added two per cent, PetroVietnam Technical Service Corporation (PVS) rose 1.9 per cent, and PetroVietnam Mud Drilling Corporation (PVC) was up 2.1 per cent.

The markets were also lifted by food and beverage producer Masan Group (MSN), which leaped two per cent, and property developer Vingroup JSC (VIC), which inched up 0.2 per cent.

However, other large-cap stocks fell and prevented the two local indices from rising further.

The Bank for Investment and Development of Vietnam (BID) dropped 1.1 per cent, Bao Minh Insurance Corporation (BMI) lost 2.7 per cent, and Hoang Anh Gia Lai JSC (HAG) fell 3.7 per cent.

Both local markets traded nearly 108 million shares, worth VND1.53 trillion ($68 million).

VNS

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