Stocks rebound on rallying oil prices

Hanoi (VNA) - Vietnamese shares rose on September 8 as higher crude prices lifted energy stocks and foreign investors’ selling value decreased from the previous sessions.

The benchmark VN Index on the HCM Stock Exchange bounced back 0.7 percent to finish at 666.07 points after losing 2 percent in the previous four sessions.

The HNX Index on the Hanoi Stock Exchange rebounded 0.6 percent from fall on September 7 to maintain its upward trend. The HNX Index closed at 84.69 points.

The energy sector was the main driver for the market on September 8 as it benefited from higher crude prices after oil exporters have been discussing a production freeze to reduce the current global glut.

US crude West Texas Intermediate (WTI) advanced 1.7 percent to trade at 46.26 USD a barrel, and London-traded Brent crude added 1.4 percent to trade at 48.64 USD a barrel. They were both up at least 7 percent since the beginning of this month.

Local energy stocks such as PetroVietnam Gas Corp (GAS), PetroVietnam Technical Services Corp (PVS) and PetroVietnam Coating Corp (PVB) increased in the range of 1 percent and 2.7 percent.

The largest stock in terms of market capitalisation, dairy firm Vinamilk (VNM), on September 8 bounced back 0.7 percent after declining by 6.4 percent in the previous four days. Vinamilk on September 7 was announced among eight winners for import quotas of refined sugar.

Two listed sugar companies, Bien Hoa Sugar JSC (BHS) and Thanh Thanh Cong Tay Ninh Sugar and Sugarcane Co (SBT) also won bids for import quotas of raw sugar.

These two stocks moved in different ways with BHS surging 6.7 percent while SBT pulling back 0.9 percent from a two-day increase of 1.5 percent.

Other blue chips such as Bank for Investment and Development of Vietnam (BID), property developer Vingroup JSC (VIC) and consumer goods producer Masan Group (MSN) also ended higher.

Lower foreign net sell value on September 8 also helped bolster market sentiment, which has declined in the previous four sessions.

Foreign investors on September 8 recorded a net sell value of more than 124 billion VND (5.5million USD), nearly half of that made on September 7.

Vietnam’s central bank on September 8 set its daily reference mid-point rate at 21,914 VND for a US dollar, down slightly from previous day’s value of 21,917 VND.

Property developer FLC Group (FLC) was the most active stocks with nearly 8.8 million shares in trading. More than 168 million shares were exchanged in total, worth 3.66 trillion VND – up slightly from previous day’s trading value.-VNA