Vietnam stocks rebound on oil outlook hinh anh 1Illustrative image (Source:
Hanoi (VNA) - Shares rebounded on the two local exchanges on November 21, lifted by energy stocks on increasing expectations of a short-term output curb agreement between oil producers.

The benchmark VN Index on the HCM Stock Exchange and the HNX Index on the Hanoi Stock Exchange inched up 0.2 percent each to close at 674.29 points and 80.75 points, respectively.

The VN Index had fallen 0.2 percent in the previous two sessions and the HNX Index had dropped 0.6 percent over the same period.

The energy industry was among the best performers after analysts and investors were optimistic that the Organisation of Petroleum Exporting Countries (OPEC) and other oil exporters could reach an agreement at their month-end meeting to resolve the global glut.

Among local energy producers, PetroVietnam Gas Corp (GAS) recovered from early losses to end up 0.1 percent, PetroVietnam Drilling and Well Services Corp (PVD) increased by 2.8 percent and PetroVietnam Technical Services Corp (PVS) edged up 0.6 percent.

Steelmakers continued their good form after China decided to shut down more steel and cement plants in the province of Hubei from now to the end of this year to reduce emissions by 10 percent.

Top steel producers such as Hoa Phat Group (HPG), Hoa Sen Group (HSG) and Tien Len Steel JSC (TLH) rose 1.7 percent, 4.5 percent and 6.7 percent, respectively.

Dairy firm Vinamilk (VNM), the largest listed company by market capitalisation, was up 0.9 percent after the State Capital Investment Corporation announced it would auction off more than 130 million Vinamilk shares next month.

The market also saw Airports Corporation of Vietnam (ACV) being traded on the Unlisted Public Company Market (UPCoM) with the code ACV. ACV closed up 40 percent.

More than 136 million shares were traded on November 21, worth 2.4 trillion VND (106.8 million USD).-VNA