Vietnam’s shares rise as crude rebounds hinh anh 1Illustrative image (Source: VNA)
Hanoi (VNA) - Vietnamese shares rose slightly on both local markets on December 24 as energy stocks benefited from higher oil prices.

The benchmark VN Index on the HCM Stock Exchange gained 0.3 percent to close at 566.17 points after dropping 2.2 percent during the previous four days.

The HNX Index on the Hanoi Stock Exchange inched up 0.2 percent to end at 78.29 points, ending a two-day decline of 1.5 percent.

Local energy stocks rose after US benchmark crude West Texas Intermediate (WTI) extended gains.

The WTI crude price gained 0.5 percent to trade at 37.68 USD a barrel and has increased by 8.5 percent in the past three days, bouncing off an eleven-year low.

As a result, local energy stocks that made gains included PetroVietnam Gas Corporation (GAS) and PetroVietnam Drilling and Well Services Corporation (PVD), each of which was up 1.1 percent, and fuel dealer Petrolimex Gas Corporation, which gained 0.7 percent.

Local investors also became more confident in the market after foreign investors turned from net sellers to net buyers, Sai Gon-Hanoi Securities Corporation (SHS) wrote in a report.

The biggest stocks that rose included food and beverage producer Masan Group (MSN), which jumped 2.2 percent, giant dairy firm Vinamilk (VNM), which was up 0.8 percent, and insurer Bao Viet Holdings (BVH), which rose 1 percent.

In addition, another big stock, property developer Vingroup JSC (VIC) gained 0.7 percent after the company officially launched three new shopping mall-entertainment-apartment complexes in HCM City, Phu Tho province and An Giang province. Vingroup has successfully launched 10 complexes this year.

On the opposite side, banks were the biggest disappointment as banks such as Vietcombank and the Bank for Investment and Development of Vietnam (BIDV) falling 0.5 percent and 1 percent, respectively.

The two local markets traded more than 105 million shares worth nearly 1.7 trillion VND (75 million USD), a decrease of 12 percent from the previous day's trading value.-VNA