Vietnam shares climb for second day
Shares rose slightly for a second day on the two national exchanges on November 16, driven by energy and rubber stocks which have benefited from sharp price rises in the global markets.
Illustrative image (Source: VNA)The VN-Index, the measure of 315 stocks on the HCM Stock Exchange, inched up 0.1 percent to 674.6 points.
On the smaller exchange in Hanoi, the HNX-Index tracking 377 stocks closed essentially unchanged at 81.1 points.
The two indices increased 0.2 percent and 0.3 percent, respectively, on November 15.
Energy stocks continued their upward movement following large gains of global oil prices, which climbed six percent, the highest growth in the past seven months, on expectations that the Organisation of Petroleum Exporting Countries would reach a consensus on oil production cuts by the end of this month.
“The rally today was mostly driven by the rebound of world oil prices as well as positive movements of global stock markets amid insignificant impacts of domestic information,” stock analysts at Bao Viet Securities Co wrote in a report.
PV Gas (GAS), the biggest listed energy stock, edged up 0.2 percent. Others, such as PetroVietnam Drilling and Wells Service (PVD), PetroVietNam Low Pressure Gas Distribution (PGD), PetroVietnam Drilling Mud (PVC) and PetroVietnam Technical Services (PVS) advanced between 1.7 percent and 3.4 percent.
Shares of rubber companies also climbed as rubber prices kept rising.
Hoang Anh Gia Lai Co (HAG) and its agribusiness arm Hoang Anh Gia Lai Agricultural Co (HNG) both hit the daily limit rise of 7 percent on the HCM City’s exchange on November 16. Other rubber shares, such as Da Nang Rubber (DRC) and Quang Nam Rubber Investment (VHG), also gained value.
Rubber prices soared 4.4 percent on November 15 on the Tokyo Commodity Exchange to 205 Japanese yen per kilogram, the highest in the past year. The price of rubber has climbed 39 percent since the end of last year.
“This is a positive sign for local rubber companies, especially for debt-laden Hoang Anh Gia Lai Group,” Bao Viet Securities Co’s analysts said, adding that growth of rubber prices would improve cash inflow and reduce losses for the company.
Liquidity decreased slightly compared to the previous session with a total of 154 million shares worth a combined 2.5 trillion VND (112 million USD) traded in the two markets.
Foreign investors halted their four-day net selling streak and were net buyers in the HCM City’s market, for a modest value of 20 billion VND. They were net sellers on the Hanoi’s bourse, however, for a net value of 5 billion VND worth of shares.-VNA
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