Illustrative image (Source: VNA)

Hanoi (VNA) -
Shares rebounded on both markets in Hanoi and Ho Chi Minh City on February 18 as energy stocks made big gains after Iran backed a Saudi-led proposal to freeze crude output at current levels.

The benchmark VN Index on the HCM Stock Exchange rose 1 percent to close at the one-month high of 552.49 points and the HNX Index on the Hanoi Stock Exchange added 0.7 percent to end at 78.00 points.

Crude extended gains for a second day after Iran showed its support for an agreement on a production freeze between top oil exporting countries, including Russia, Venezuela and Saudi Arabia.

US benchmark crude West Texas Intermediate (WTI) rose 2 percent to trade at 31.28 USD a barrel on the day. It has gone up 19 percent since hitting a 12-year low last week.

Meanwhile, London-traded Brent crude increased by 1 percent to trade at 34.86 USD a barrel. Brent has gained 16 percent over the last five sessions.

The energy sector index rose 2.6 percent. Among gainers, PetroVietnam Gas Corporation (GAS), PetroVietnam Technical Service Corporation (PVS) and PetroVietnam Mud Drilling Corporation (PVC) jumped 5.8 percent, 3.4 percent and 4.6 percent, respectively.

The banking sector index added 1.3 percent, the brokerage sector index rose 1 percent and the insurance sector index was up 0.8 percent.

Vietcombank (VCB) went up 1.3 percent, Vietinbank (CTG) gained 1.8 percent, insurer PVI Holdings (PVI) rose 1.6 percent and Saigon Securities Incorporate (SSI) leaped 1 percent.

Both local markets exchanged nearly 169 million shares worth 2.5 trillion VND (111.5 million USD), a decrease of 12 percent from February 17’s trading value.-VNA