Business

Oil prices raise market for second day

Vietnamese shares extended gains for a second day on both local exchanges as energy stocks continued to be lifted by higher oil prices and debt-laden firms received good responses from creditors.
Oil prices raise market for second day ảnh 1An investor watches share movements on the Hanoi Stock Exchange’s live stock board (VNS Photo Thai Ha)

Hanoi (VNA) - Vietnamese shares extended gains for a second day on both local exchanges as energy stocks continued to be lifted by higher oil prices and debt-laden firms received good responses from creditors.

The benchmark VN Index on the HCM Stock Exchange rose 1.5 percent to reach a ten-month high at 624.75 points, gaining a total of 2.3 percent in the last two sessions.

The HNX Index on the Hanoi Stock Exchange posted an increase of 0.6 percent to end at 82.21 points, rallying a total of 2.5 percent in the last five trading days.

The energy sector remained the most important element, which helped boost the local markets on Monday after oil prices climbed to a seven-month high on expectations that US crude stockpiles and other countries’ production are declining.

US crude West Texas Intermediate (WTI) inched up 0.2 percent to trade at US$47.83 a barrel. US crude has recorded a two-day jump of 3.5 percent.

Large-cap energy firms posted rapid growth yesterday. PetroVietnam Technical Service Corp (PVS) saw a gain of 3.3 percent, PetroVietnam Gas Corp (GAS) and PetroVietnam Drilling and Well Service Corp (PVD) surged 6.3 percent and 6.7 percent, respectively, and PetroVietnam Coating Corp (PVB) jumped 4.6 percent.

Two other large-cap companies, conglomerate Hoang Anh Gia Lai JSC (HAG) and its subsidiary Hoang Anh Gia Lai Agricultural JSC (HNG) surged 6.8 percent each at the end of yesterday’s session on expectations that HAGL will be allowed to restructure its debts and make more loans to improve its business, Bao Viet Securities Corp (BVSC) wrote in its report.

In addition, other companies providing good business news also helped markets rise further.

Dairy firm Vinamilk (VNM) edged up 0.7 percent on expectations that the company will lift the bar for foreign investors to raise their ownership in the firm.

Giant software and information-technology company FPT Corp (FPT) was up 0.6 percent after the company announced it would pay each shareholder a 10-percent dividend, worth 1,000 VND (0.04 USD) per share.

Steel producer Hoa Phat Group (HPG) advanced 1.2 percent after the firm reported a year-on-year increase of a quarter in steel product sales to more than 545,000 tonnes during the first four months of the year.

Both local markets traded nearly 191 million shares worth 3.2 trillion VND (142 million USD), posting an increase of 29 percent on the May 16 trading value.-VNA

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