Vietnam’s shares rise after two-day slump
Vietnamese shares rose on both local bourses on December 11 after two days of losses as local plastic and rubber firms benefited from global oil prices sinking to a seven-year low.
Illustrative image (Photo: VNA)The benchmark VN Index on the HCM Stock Exchange and the HNX Index on the Hanoi Stock Exchange added 0.4 percent each to close at 563.43 points and 79.22 points, respectively.
The plastic and rubber firm index December 11 rose 1.4 percent as local plastic producers were able to reduce their input costs after global oil prices continued declining on December 10.
The US benchmark crude West Texas Intermediate (WTI) dropped 1.1 percent to trade at 36.76 USD a barrel, while WTI fell another 0.8 percent to trade at 36.48 USD a barrel – the lowest in the past seven years.
Among local plastics firms that made gains on December 11, Binh Minh Plastic JSC (BMP) gained 1.6 percent, Tien Phong Plastic JSC (NTP) rose 1.2 percent and Rang Dong Plastic JSC (RDP) jumped 4.7 percent.
Local rubber producers also advanced for the same reason with plastic firms. The rubber firm index December 11 rose 0.6 percent.
Sao Vang Rubber Joint Stock Company (SRC) jumped 3.2 percent, while the Southern Rubber Industry JSC (CSM) and Da Nang Rubber JSC (DRC) inched up 0.4 percent and 0.2 percent, respectively.
The stock market was also lifted by stocks that had positive news about their businesses such as Eximbank and PetroVietnam Fertiliser and Chemicals Corporation.
Eximbank (EIB) surged 6.9 percent after the bank appointed Tran Tuan Loc, the bank's Vice Director General, as the Acting Director General in order to replace Pham Huu Phu, the former Director General.
Meanwhile, PetroVietnam Fertiliser and Chemicals Corporation (DPM) jumped 2.6 percent after the company said it planned to pay a 25 percent cash dividend.
Other big stocks also contributed to the market rise such as Vietcombank (VCB) which inched up 0.2 percent, insurer Bao Viet Holdings (BVH) which gained 1 percent and Vingroup JSC (VIC) which rose 0.5 percent.
Both local bourses traded more than 135 million shares worth 1.9 trillion VND (84 million USD), a decrease of one-fifth from the previous day.-VNA
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