VN Index reaches eight-year high hinh anh 1Investors watch stock fluctuations (Photo: VNA)

Hanoi (VNA) – Vietnamese shares rose higher on July 4 as investor confidence was bolstered by higher oil prices and expectations for better corporate earnings in the past three months.

The benchmark VN Index on the HCM Stock Exchange advanced 1.2 percent to finish at 647.96 points, reaching a new eight-year high. The southern market index has jumped 4.4 percent in the last six sessions.

The HNX Index on the Hanoi Stock Exchange went up 0.8 percent to close at 85.81 points, totaling a two-day gain of 1.3 percent. The northern market index has increased by 2.7 percent in five trading days.

The energy sector was lifted as crude prices rose for a second day on global exchanges. London-traded Brent crude edged up 0.5 percent to trade at 50.62 USD a barrel, making a two-day gain of 1.9 percent.

US crude West Texas Intermediate (WTI) added 0.4 percent to trade at 49.20 USD a barrel. US crude has increased by 1.8 percent in the last two sessions.

Among local energy stocks, PetroVietnam Gas Corp (GAS) advanced 1.5 percent, PetroVietnam Drilling and Well Service Corp (PVD) was up 1 percent, and PetroVietnam Coating Corp (PVB) went up 0.5 percent.

Investors also bet on companies that are expected to have higher earnings during the last quarter of the year, including steel producers, property developers and securities companies.

In the steel production industry, Hoa Sen Group (HSG) and Nam Kim Steel JSC (NKG) jumped 4.8 percent each, Vietnam-Italy Steel JSC (VIS) and Tien Len Steel Group JSC (TLH) surged 6.7 percent and 6.6 percent, respectively.

The real estate sector was driven up by Saigon Thuong Tin Real Estate JSC (SCR), FLC Group (FLC), Tan Tao Industrial Investment JSC (ITA) and An Duong Thao Dien JSC (HAR).

Securities companies were the strongest gainers. HCM City Securities Corp (HCM), Saigon Securities Inc (SSI), VNDirect Securities Corp (VND) and Saigon-Hanoi Securities Corp (SHS) surged between 6.8 percent and 9.8 percent.

The central bank on July 4 cut its daily reference mid-point rate by 7 VND to 21,858 VND for US dollar. Local banks were able to trade the Vietnamese dong and the dollar within a trading band of 3 percent on either side of the mid-point rate.

Investors on both local bourses traded nearly 196 million shares worth 3.9 trillion VND (174 million USD), an increase of one-third from July 1's trading value.-VNA