Energy stocks lead Vietnam’s markets up
Energy stocks led local markets up on June 14 despite oil prices falling for a fourth trading day.
Investors at BIDV Securities Corp (Photo: VNA)Hanoi (VNA) - Energy stocks led local markets up on June 14 despite oil prices falling for a fourth trading day.
The benchmark VN Index on the HCM Stock Exchange rebounded 0.3 percent to finish at 625.43 points, after declining by 1.2 percent in the two previous sessions.
Recent declines helped energy stocks become attractive to investors, as Vietnamese stocks struggled to return to positive territory.
The HNX Index on the Hanoi Stock Exchange ended nearly flat at 84.35 points, up from a loss of 0.7 percent on the previous day.
Petroleum Pipeline and Tank Construction JSC (PXT), PetroVietnam Coating Corp (PVB), and PetroVietnam Mud Drilling Corp (PVC) made the greatest gains, rising 4.2 percent, 5 percent, and 3.2 percent, respectively.
Gains were also seen in other energy firms, including Southern Gas JSC (PGS), Petroleum Equipment Assembly and Metal Structure JSC (PXS), and PetroVietnam Drilling and Well Service Corp (PVD).
Other large-cap stocks on the two local exchanges also recovered from recent losses and helped drive markets up.
Property developer Vingroup JSC (VIC) and Vicostone JSC (VCS) rose 1 percent each. Asia Commercial Bank (ACB) edged up 0.5 percent. Kim Long Securities Corp (KLS) jumped 4.9 percent.
Meanwhile, blue chips still suffered from foreign selling. Investors proved cautious and global markets continued to slide, ahead of the US central bank meeting on Wednesday and the possible withdrawal of Britain from the European Union, Bao Viet Securities Corp (BVSC) wrote in its daily report.
“Although the US central bank is not likely to increase its rates this month, the post-meeting message it sent the markets will still have negative effects on investor confidence,” BVSC said, adding that investors are still investing in safer assets such as gold and bonds.
Financial firms, such as banks, showed little improvement compared to their performance on Monday. The three biggest listed banks – Vietcombank (VCB), Vietinbank (CTG), and the Bank for Investment and Development of Vietnam (BID) – slipped between 0.2 and 1.1 percent.
Investors traded more than 145.7 million shares worth nearly 2.43 trillion VND (108 million USD).-VNA
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