Vietnam’s stocks mixed, oil prices boost energy stocks

Illustrative image (Source: VNA)

Hanoi (VNA) - Vietnamese shares were mixed and remained nearly unchanged on both local bourses on March 3, while higher crude oil prices boosted energy stocks.

The benchmark VN Index on the HCM Stock Exchange gained 0.04 percent to close at 570.39 points, extending its rally of 2 percent for a third day.

The HNX Index on the Hanoi Stock Exchange was down 0.02 percent to finish 79.29 points. The northern index had increased by 0.7 percent in the previous two days.

Global crude prices advanced on March 3 as investors turned their attention to the Organisation of Petroleum Exporting Countries (OPEC) plan of a production freeze, boosting expectations that prices will rise in the future.

Local large-cap energy stocks made gains. PetroVietnam Gas Corporation (GAS) added 2.5 percent. PetroVietnam Mud Drilling Corporation (PVC) gained 2.1 percent. And PetroVietnam Coating Corporation (PVB) was up 0.8 percent.

The markets were also lifted by: Vietinbank (CTG), which rose 0.5 percent; PetroVietnam Fertiliser Chemicals Corporation (DPM), which leaped 1.3 percent; and Da Nang Rubber JSC (DRC) and food and beverage producer Masan Group (MSN), which each rose 2 percent.

Financial companies fell on the other hand, pulling the markets down, led by insurance firms such as BIDV Insurance Corporation (BIC), Bao Viet Holdings (BVH) and Bao Minh Insurance Corporation (BMI), which dropped 1.9 percent, 1 percent and 2 percent, respectively.

Other financial firms such as Vietcombank (VCB), the Bank for Investment and Development of Vietnam (BID), HCM City Securities Corporation (HCM) and Saigon Securities Incorporation (SSI) retreated from the previous day’s gains.-VNA