Energy stocks boost Vietnam markets
Vietnamese shares rose on both local markets on May 16, beating the earlier forecast as energy stocks benefited from higher oil prices.
An investor keeps track of stock movements. (Photo: VNA)Hanoi (VNA) – Vietnamese shares rose on both local markets on May 16, beating the earlier forecast as energy stocks benefited from higher oil prices.
The benchmark VN Index on the HCM Stock Exchange gained 0.8 percent to close at 615.78 points, rebounding from a two-day decline of 0.5 percent.
The HNX Index on the Hanoi Stock Exchange added 0.6 percent to end at 81.75 points, extending a four-day gain totalling 1.9 percent.
Local energy stocks on May 16 made good gains as oil prices bounced back from losses on May 13 on expectations that the market will reach a deficit earlier than expected.
US crude West Texas Intermediate (WTI) advanced 1.7 percent to reach a six-month high of 47.01 USD a barrel, and London-traded Brent crude was up 1.9 percent to trade at 48.73 USD a barrel.
In the energy sector, the largest stocks such as PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Technical Service Corp (PVS) jumped between 2.6 percent and 5.7 percent.
Other blue chips also helped boost the two bourses on May 16, including dairy firm Vinamilk (VNM) and property developer Vingroup JSC (VIC).
VNM increased by 1.4 percent after the State Capital and Investment Corp (SCIC) announced it will buy 500,000 of Vinamilk's shares.
VIC rose 2.8 percent after the giant property-retail corporation got approval from Hanoi's authorities to build a new apartment-shopping-entertainment complex in the city.
Other blue chips such as Vietcombank (VCB), Sacombank (STB), insurer Bao Viet Holdings (BVH), consumer goods producer Masan Group (MSN) and Saigon Securities Inc (SSI) also provided good support for the markets.
VCB rebounded 1.5 percent from May 13’s decline, STB jumped 3.4 percent to extend its rally of 17.5 percent for a third day, BVH and MSN added 0.9 percent and 0.7 percent respectively, while SSI gained 2 percent.
Other large-cap stocks that made gains on the two local exchanges were An Phat Plastic and Green Environment JSC (AAA), Asia Commercial Bank (ACB) and HCM City Securities Corp (HCM).
Both local exchanges traded more than 151 million shares worth nearly 2.5 trillion VND (110.5 million USD), a decrease of 18 percent from last week's daily trading value-VNA
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