Vingroup, oil assists with VN index’s six-day rally

Investors at BSC's exchange floor. Property firm Vingroup helped the VN Index rise for a sixth day yesterday. (Source: VNA)

Hanoi (VNA) - Vietnamese shares were mixed on the two local bourses on April 12 while the southern market rallied for a sixth day.

The benchmark VN Index on the HCM Stock Exchange inched up 0.1 percent to close at 579.84 points, adding 4.3 percent during the last six sessions.

Property developer Vingroup JSC (VIC) continued to drive the southern market up for a second day after the company introduced a new project located in the northern province of Yen Bai.

VIC jumped 3 percent at the end of April 12’s session to 52,000 VND (2.33 USD) per share, the stock’s highest value ever seen. The stock surged 10 percent over the last three days.

PetroVietnam Gas Corp (GAS), and PetroVietnam Drilling and Well Service Corp (PVD) also lifted the southern market after global oil prices rebounded from previous day’s fall to maintain their recovery.

US crude West Texas Intermediate (WTI) gained 1 percent to trade at 40.77 USD a barrel and London-traded Brent crude was up 1.3 percent to trade at 43.39 USD a barrel.

WTI moved up more than 14 percent in the last seven sessions and Brent crude rose 15 percent.

GAS advanced 1.1 percent and PVD rose 1.6 percent. GAS rallied 12.6 percent in the past six days and PVD gained 8.9 percent.

The southern bourse also received support from companies with good business news, such as An Pha Petrol JSC (ASP) and Dong Phu Rubber JSC (DPR).

ASP jumped 4.9 percent following a statement on April 9 that the company will allow foreign investors to raise ownership, while PDR surged 5.7 percent after the rubber producer said it would increase the dividends for shareholders regarding good business performances in 2015 and 2016.

However, the southern market was prevented from making higher gains after food producer Masan Group (MSN), the Bank for Investment and Development of Vietnam (BID) and Vietinbank (CTG) all saw declines.

Meanwhile, the HNX Index on the Hanoi Stock Exchange pulled back 0.2 percent from a six-day increase of 2.8 percent to finish at 80.54 points.

Brokerage firms weighed on the northern market, led by Kim Long Securities Corp (KLS) and Bao Viet Securities Corp (BVS).

KLS dropped 2.2 percent after the stock rocketed nearly 23 percent in the previous six sessions. BVS fell 0.7 percent after a two-day increase of 6.2 percent.

The local bourses traded more than 218.6 million shares worth 3.9 trillion VND (174.5 million USD), 16.6 percent higher than previous day’s trading value.-VNA