Illustrative Image (Source: vietstock) Shares continued to rally on October 9 with oil and gas companies gaining value on the steady rise of global oil prices.
On the HCM Stock Exchange, the VN-Index edged up 0.2 percent to close the session at 588 points. The index rose 1.2 percent on Thursday.
Meanwhile, the HNX-Index on the Hanoi Stock Exchange gained another 0.4 percent to end October 9’s session at 80.8 points.
Oil and gas stocks climbed strongly on the day, propped up by bright prospects of global oil prices in the future.
Large-cap oil shares like PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD), PetroVietnam Technical Services (PVS) and PetroVietnam Drilling Mud (PVC) increased between 1 percent and 3 percent. PVS was the biggest gainer with a 3.2 percent rise.
US crude oil, known as West Texas Intermediate oil (WTI), rebounded from the bottom in mid-August at 32.2 USD per barrel to 50.38 USD overnight on October 8. Brent crude oil also surged, even higher to almost 54 USD.
Research PIRA Energy Group predicted crude prices would rise to 70 USD per barrel by the end of 2016.
Apart from oil and gas stocks, real estate companies continued to attract investment.
FLC Group (FLC), Tan Tao Investment Industry (ITA), Hoang Anh Gia Lai Co (HAG) and Sai Gon Thuong Tin Real Estate (SCR) were the most active stocks in the two markets. Besides SCR, others climbed between 2 percent and 3 percent.
Overall liquidity declined slightly against October 8. A total of 215.3 million shares worth 3.36 trillion VND (149.3 million USD) were traded on the two exchanges by the end of October 9, down 13 percent in volume and 9 percent in value compared with the previous session.
Foreign investors remained net buyers in the two markets on the day. They bought a total of nearly 19 million shares worth 346.5 billion VND (15.4 million USD) and unloaded 6.3 million shares worth 186 billion VND (8.3 million USD), picking up a net of 13 million shares worth 161 billion VND (7.2 million USD).-VNA
