Business

Energy stocks buoy market for third day

Vietnamese shares continued to rise on both local markets on May 31, extending gains for a third session, as increasing oil prices lifted energy stocks.
Energy stocks buoy market for third day ảnh 1Illustrative image (Photo: VNA)

Hanoi (VNA) - Vietnamese shares continued to rise on both local markets on May 31, extending gains for a third session, as increasing oil prices lifted energy stocks.

The benchmark VN Index on the HCM Stock Exchange advanced 0.6 percent to finish at 618.44 points. The southern market index has jumped 4.6 percent in the last three trading days.

The HNX Index on the Hanoi Stock Exchange rose 0.5 percent to end at 81.92 points, climbing a total of 1.1 percent in the last three sessions.

The energy sector took a turn to lead markets up as oil prices continued rising after output disruptions among global producers reduced crude supply before the Organisation of Petroleum Exporting Countries (OPEC) holds its meeting on May 30.

US crude West Texas Intermediate (WTI) edged up 0.2 percent to trade near 50 USD a barrel, a slight increase from last week’s closing price of 49.33 USD a barrel. WTI crude has recovered nearly 89 percent since its twelve-year low in February.

Among local energy stocks, PetroVietnam Gas Corp (GAS) and PetroVietnam Drilling and Well Service Corp (PVD) surged 5.3 percent and 6.4 percent, respectively, and others gained between 1.4 percent and 2.7 percent.

The markets were also supported by companies that provided good business news to lift investor confidence.

Steel producer Hoa Sen Group (HSG) surged 7 percent and Da Nang Rubber JSC (DRC) jumped 4 percent on expectations that these stocks will be added into the portfolio of the investment fund FTSE Vietnam Index, which will be announced late on Friday.

Becamex Infrastructure Development JSC (IJC) also amazed investors, closing 6.1 percent higher after the company announced it would buy back more than 139 million shares for 10,000 VND per share. That buyback price was 13 percent higher than the share’s closing price on May 31.

However, local market indices were prevented from making higher gains as property and brokerage stocks suffered from profit-taking pressure, especially after they made recent gains.

Among property firms, Vingroup JSC (VIC) slipped 1.9 percent from a two-day jump of 4.9 percent, and Khang Dien Investment and Trading House JSC (KDH) edged down 0.4 percent after rising 3.1 percent in the previous five sessions.

Sai Gon Securities Inc (SSI) retreated 0.5 percent from a two-day gain of 5.4 percent, and IB Securities JSC (VIX) slumped 3.8 percent after jumping 6.7 percent in the previous two sessions.

Both local markets traded nearly 196.7 million shares worth 2.97 trillion VND (132 million USD), an increase of one-fifth from the May 30 trading value.-VNA

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