Vietnam stocks rise higher, driven by oil hinh anh 1Illustrative image (Source:
Hanoi, (VNA) - Shares rose higher on November 22, driven by oil and gas producers and banking-financial companies, while listed firms with positive 10-month earnings also bolstered investor confidence.

The benchmark VN Index on the HCM Stock Exchange rose 1.1 percent to close at 681.91 points, rising a total 1.3 percent after two sessions.

The HNX Index on the Hà Nội Stock Exchange added 0.4 percent to end at 81.03 points, up 0.5 percent from last Friday.

Oil and gas producers continued to be the strongest gainers as members of the Organisation of Petroleum Exporting Countries (OPEC) displayed a united stand at a meeting in Vienna to cut their production in order to restore the market’s stability.

Of the local energy stocks, the biggest gainers were PetroVietnam Drilling and Well Services Corp (PVD), PetroVietnam Transportation Corp (PVT) and PetroVietnam Mud Drilling Corp (PVC), advancing 3.4 percent, 3.3 percent and 2.4 percent, respectively.

The financial-banking sector also supported the market’s upward trend, led by Vietcombank (VCB), Asia Commercial Bank (ACB), insurer Bao Viet Holdings (BVH), Bao Viet Securities Corp (BVS), Sai Gon-Hanoi Securities Corp (SHS) and Sai Gon Securities Inc (SSI).

Vietcombank announced on November 21 that it would issue more than 932 million shares to increase its capital at the end of this month, including more than 213 million transferrable shares.

The banking sector has performed well in the last two sessions as investors expected a new Government directive allowing commercial banks to continue issuing short-term foreign currency loans to borrowers, boosting domestic business at year-end.

Firms with positive 10-month earnings also raised investor sentiment. Mobile World Investment Corp (MWG) yesterday jumped 5 percent after releasing a report showing the company’s revenue and post-tax profit increased by 76 percent and 96 percent from last year’s figures.

Market trading liquidity increased from Monday, with more than 150.5 million shares being exchanged, worth nearly 2.62 trillion VND (116.4 million USD).-VNA