Illustrative image (Source: VNA)
Hanoi, April 8 (VNA) - Vietnamese shares extended rallies on both local exchanges on April 7 as positive business information drove companies up and energy stocks benefited from recent gains in oil prices.

The benchmark VN Index added 0.7 percent to close at 571.60 points, rallying 2.8 percent in the last three trading days.

The HNX Index on the Hanoi Stock Exchange rose 0.5 percent to finish at 79.70 points. The northern index has increased by 1.6 percent in the last four sessions.

Both markets were boosted by stocks that have provided positive business information.

Dairy firm Vinamilk (VNM) rose 2.9 percent after the company recently removed seven businesses from its portfolio to raise foreign investment in its capital.

Tien Len Steel Group JSC (TLH) jumped 5.7 percent after the company said it expects a net profit of 100 billion VND (4.4 million USD) in the first quarter of this year, a huge improvement compared to last year’s total loss of 169 billion VND.

The Telecommunication Industry Electronics JSC (TIE) surged 6.4 percent after the company reported an audited net profit of 14 billion VND, a slight increase from the company’s pre-auditing result.

Local energy stocks rose on recent gains in crude prices, on lower US stockpiles and a weaker US dollar, after the US central bank showed caution about this year’s rate hike plan.

However, crude prices turned into negative territory as Iraq’s exports increased and analysts were pessimistic that an agreement on a production freeze may be reached at a meeting this month between major producers.

US crude West Texas Intermediate (WTI) inched down 0.1 percent to trade at 37.71 USD a barrel and London-traded Brent crude was down 0.2 percent to trade at 39.78 USD a barrel.

But in general, WTI and Brent crude have surged 5.6 percent and 5.5 percent, respectively, in the last three sessions.

In the energy sector, PetroVietnam Gas Corp (GAS) advanced 2.5 percent, while other major stocks such as PetroVietnam Drilling and Well Service Corp (PVD), PetroVietnam Mud Drilling Corp (PVC) and PetroVietnam Technical Service Corp (PVS) were up between 1.4 percent and 1.9 percent.

In addition, investor confidence was bolstered as foreign investors recorded a net buying value of 113 billion VND on both local bourses.

Strong foreign investment lifted Saigon Securities Inc (SSI), HCM City Infrastructure Investment JSC (CII) and insurer Bao Viet Holdings (BVH) with gains of 0.4 percent, 5.4 percent and 0.9 percent, respectively.

Both local markets traded more than 170 million shares worth 2.73 trillion VND, unchanged from the trading value on April 6.-VNA