Stock market: energy stocks lead rebound
Shares rebounded on both markets in Hanoi and Ho Chi Minh City on February 18 as energy stocks made big gains after Iran backed a Saudi-led proposal to freeze crude output at current levels.
Illustrative image (Source: VNA)Hanoi (VNA) - Shares rebounded on both markets in Hanoi and Ho Chi Minh City on February 18 as energy stocks made big gains after Iran backed a Saudi-led proposal to freeze crude output at current levels.
The benchmark VN Index on the HCM Stock Exchange rose 1 percent to close at the one-month high of 552.49 points and the HNX Index on the Hanoi Stock Exchange added 0.7 percent to end at 78.00 points.
Crude extended gains for a second day after Iran showed its support for an agreement on a production freeze between top oil exporting countries, including Russia, Venezuela and Saudi Arabia.
US benchmark crude West Texas Intermediate (WTI) rose 2 percent to trade at 31.28 USD a barrel on the day. It has gone up 19 percent since hitting a 12-year low last week.
Meanwhile, London-traded Brent crude increased by 1 percent to trade at 34.86 USD a barrel. Brent has gained 16 percent over the last five sessions.
The energy sector index rose 2.6 percent. Among gainers, PetroVietnam Gas Corporation (GAS), PetroVietnam Technical Service Corporation (PVS) and PetroVietnam Mud Drilling Corporation (PVC) jumped 5.8 percent, 3.4 percent and 4.6 percent, respectively.
The banking sector index added 1.3 percent, the brokerage sector index rose 1 percent and the insurance sector index was up 0.8 percent.
Vietcombank (VCB) went up 1.3 percent, Vietinbank (CTG) gained 1.8 percent, insurer PVI Holdings (PVI) rose 1.6 percent and Saigon Securities Incorporate (SSI) leaped 1 percent.
Both local markets exchanged nearly 169 million shares worth 2.5 trillion VND (111.5 million USD), a decrease of 12 percent from February 17’s trading value.-VNA
You should also see
Vietnamese Deputy PM, Venezuelan President hold talks
Vietnamese Deputy Prime Minister Tran Luu Quang held talks with President of Venezuela Nicolás Maduro Moros in Caracas on April 18, as part of his ongoing official visit to the Latin American country.
See more
Business
InfographicADB maintains 2024 economic growth forecast for Vietnam
In its April 2024 Asian Development Outlook (ADO) report, the Asian Development Bank (ADB) has maintained its earlier forecast for Vietnam’s economic growth this year, despite ongoing uncertainties from the external environment. Vietnam’s economy is expected to achieve a growth rate of 6.0% in 2024 and 6.2% in 2025.
Business
Vietnam treasures multifaceted cooperation with Côte d'Ivoire: Deputy FM
Vietnam always attaches importance to and wishes to bolster multifaceted cooperation with Côte d'Ivoire – its traditional friendship partner in Africa, Deputy Minister of Foreign Affairs Nguyen Minh Hang has said.
Videos
Foreign investment driven towards new breakthrough phase
Vietnam has so far drawn nearly 500 billion USD in registered FDI capital after nearly four decades of opening up its economy, with investment quality improvement considered a key task for a new breakthrough phase ahead.
Business
Quang Ninh attracts additional 115 million USD from Japan investors
The Quang Ninh Economic Zone Authority (QEZA) presented investment certificates to two Japanese projects worth 115 million USD in total at a conference held at Song Khoai Industrial Park (IP) on April 19.
Business
Central bank plans to auction gold bars on April 22
The State Bank of Vietnam (SBV) will auction SJC-branded gold bars on April 22, a representative of the central bank said on April 19.
