Oil and gas stocks boost markets

Illustrative image (Photo:VNA)

Hanoi (VNA) – Shares rose slightly on August 15 on the two national stock exchanges, led by oil and gas, after global oil recorded the best week in the past four months. 

The benchmark VN-Index on the HCM Stock Exchange increased 0.6 percent to close the session at 659.5 points. 

On the smaller bourse in Ha n oi, the HNX-Index inched up 0.1 percent to 83.2 points .

Most oil and gas stocks advanced. PetroVietnam Drilling and Wells Service (PVD) and PVGas (GAS), two of the 10 largest stocks by market capitalisation, added 3.2 percent and 1.6 percent, respectively. 

Others such as PetroVietnam Technical Services (PVS), PetroVietnam Drilling Mud (PVC) and Petroleum Equipment Assembly & Metal Structure (PXS) increased between 3 percent and 4.5 percent. 

US West Texas Intermediate crude futures gained 6.4 percent last week, while Brent crude climbed 6.1 percent, experiencing its best week in the past one month. The two key oil prices continued to soar on yesterday trading, with the WTI oil up 14 percent and the Brent crude up 10 percent. 

Besides oil and gas, steel manufacturers and real estate companies also rose. Viet n am-Italy Steel (VIS) rose 5 percent while other steelmakers like Hoa Phat Group (HPG), Hoa Sen Group (HSG), and Viet n am German Steel Pipe (VGS) each increased over 1 percent. 

Many realty stocks were also active on August 15 . 

Kinh Bac City Development Holdings (KBC) and Tan Tao Industry and Investment (ITA) had over 10 million shares sold on the HCM City's exchange while others like Vinaconex (VCG) and Tasco (HUT) sold three million shares on the Ha n oi's market. 

"The market is being segmented. Money is flowing in the shares with good growth potential in the medium and long term," said Nguyen Huu Binh, head of analysis at Viet n am Investment Securities Co. 

According to CBRE Viet n am, Viet n am's real estate market could become one of the top five fastest growing in Asia this year given positive macro-economic developments. 

Liquidity improved slightly over the previous session, totaling over 155 million shares worth a combined 2.7 trillion VND (121 million USD) in the two markets. 

Foreign investors continued to offload local shares on August 15 . They sold a net value of 207.7 billion VND in HCM City's market but remained a net buyer in Ha n oi with a modest value of 427 million VND.-VNA