Oil helps extend gains on VN Index
Vietnamese shares extended gains on September 29, rescued by oil and gas firms during the end of the session after oil prices rebounded strongly on OPEC’s first eight-year output reduction.
Investors at Asia Commerical Bank Securities Company (Photo: VNA)Hanoi (VNA) - Vietnamese shares extended gains on September 29, rescued by oil and gas firms during the end of the session after oil prices rebounded strongly on OPEC’s first eight-year output reduction.
The benchmark VN Index on the HCM Stock Exchange rose 0.3 percent to close at 688.55 points – a new nine-year high – extending its gain of 5.7 percent for nine consecutive trading days. The gain also marked the longest gaining streak for the southern market index since the beginning of the year.
The HNX Index on the smaller Hanoi Stock Exchange added 0.9 percent to finish at 85.07 points, totaling an increase of 2.4 percent in the last three sessions.
The stock market suffered earlier from profit-earning on financial stocks, which had rallied in the previous sessions.
Vietcombank (VCB) fell 1.8 percent from a three-day gain of 4.3 percent, Vietinbank (CTG) lost 1.4 percent from a two-day increase of 3 percent, and Bank for Investment and Development of Vietnam (BID) was down 2 percent from a two-day surge of 8.6 percent.
Other finance service suppliers such as insurer Bao Viet Holdings (BVH) dropped 2.1 percent from an eight-day rally of 22 percent and Saigon Securities Inc (SSI) edged down 0.4 percent from a three-day rise of 3.7 percent.
“Oil and gas stocks saved the market on September 29,” Bao Viet Securities Corp (BVSC) said in a note.
Crude prices advanced at the strongest level since April after members of the Organisation of Petroleum Exporting Countries (OPEC) decided for the first time in the past eight years to cut their output volumes in order to save market prices.
“The output cut was such a surprise for the whole market as analysts and traders were expecting OPEC members to maintain current production levels since 2014 to secure their market shares,” BVSC said.
“Energy stocks are benefiting from this trend and are likely to continue rising in October.”
The largest listed energy firms including PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Services Corp (PVD), and PetroVietnam Technical Services Corp (PVS) soared between 4.6 percent and 9.5 percent.
Investors traded more than 168 million shares worth 3.54 trillion VND (157.3 million USD), an increase of 6.8 percent from the September 28 trading value.-VNA
You should also see
ASEAN Future Forum 2024 wraps up in Hanoi
The ASEAN Future Forum 2024 (AFF 2024) wrapped up in Hanoi on April 23 after a day of productive discussions.
See more
Business
Lao Cai province calls for more Japanese investments
The advantages and potential of Vietnam’s northern border province of Lao Cai were introduced to Japanese firms at an investment and tourism promotion conference in Tokyo on April 23.
Business
Vietnam’s economy shows gradual recovery: WB’s report
Vietnam's economy is showing mixed signs of recovery in early 2024, with growth forecast to reach 5.5% in 2024 and gradually rise to 6.0% by 2025, according to the latest World Bank Taking Stock bi-annual economic update released on April 23.
Business
Tra fish export to UAE jumps 67% in Q1
Vietnam’s tra fish export to the United Arab Emirates (UAE) reached more than 7 million USD in the first quarter of this year, a rise of 67% against the same period last year, statistics of the General Department of Customs showed.
Business
Central bank successfully auctions 3,400 taels of SJC-branded gold bars
The State Bank of Vietnam (SBV) released the outcome of the gold bullion auction on April 23, with two winning bidders securing 34 lots, equivalent to 3,400 taels of SJC-branded gold bars.
Business
Masan completes 250-million-USD investment deal with Bain Capital
Masan Group Corporation on April 23 announced that it has completed the mobilisation of 250 billion USD from Bain Capital, a leading global private investment firm with assets worth 180 billion USD under management.
