VN stocks rise further as oil price jumps

April 07, 2016 | 16:27

(0) user say

Vietnamese shares continued to rise on both local markets this morning as a surge in oil prices boosted energy stocks.

Investors at the VCBS' exchange floor. Energy stocks drove markets up again this morning. - Photo vneconomy.vn

The benchmark VN Index on the HCM Stock Exchange inched up 0.1 per cent to close at 568.33 points.

The HNX Index on the Ha Noi Stock Exchange added 0.3 per cent to end at 79.59 points.

Local energy stocks continued their positive trend as oil surged during Wednesday's trading session, after US inventories dropped from their eight-decade high. US crude jumped 5.2 per cent to close trading at US$37.75 per barrel.

PetroVietnam Gas Corp (GAS) rose 1.6 per cent, PetroVietnam Technical Service Corp (PVS) gained 1.9 per cent and PetroVietnam Mud Drilling Corp (PVC) increased by 2.9 per cent.

High foreign purchases helped boost Sài Gin Securities Inc (SSI), which edged up 0.5 per cent and lifted the brokerage sector.

Dairy firm Vinamilk (VNM) advanced 0.7 per cent on expectations of higher foreign ownership in the company's capital.

In contrast, Vietcombank (VCB) fell 1.2 per cent and dragged the banking sector down as investors tried to seek profits from the stock's two-day gain of 2.7 per cent.

Property developers also declined, led by Vingroup JSC (VIC) and Kinh Bac City Development Share Holding Corp (KBC), which dropped 0.6 per cent and 0.8 per cent respectively.

Both local markets traded nearly 96 million shares, worth VND1.34 trillion ($59.8 million).

VNS

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional