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VietNamNews

Indices climb on oil, gas stock rally

Update: April, 16/2015 - 09:00
Investors watch trading on FPT Securities Co's trading floor. Shares in both the VN-Index and HNX-Index increased yesterday, accompanied by improvement in liquidity. — VNS Photo Truong Vi
HA NOI  (VNS) — Shares rose across the two exchanges yesterday, accompanied by improvement in liquidity.

Both VN-Index and HNX-Index gained more than one per cent, while VN30 and HNX30 which track the top 30 shares by market value and liquidity on the two markets, increased by 0.6 per cent and 1.77 per cent respectively.

In HCM City, the VN-Index closed the session at 564.50 points and the HNX-Index in Ha Noi finished at 83.03 points.

Oil and gas shares, propped up by recovery of global oil prices, led the market uptrend.

On the HCM Stock Exchange, PV Gas (GAS), the biggest stock in term of market capitalisation, climbed 5.5 per cent while PetroVietnam Drilling and Wells Service Corp (PVD) hit the ceiling price.

Oil and gas group on the Ha Noi Stock Exchange also jumped high, including Petrovietnam Southern Gas (PGS), PetroVietnam Technical Services (PVS), PetroVietnam Engineering Consultancy (PVE) and PetroVietnam Drilling Mud (PVC) with rises between two to eight per cent.

Trades were also active in penny and mid-cap shares that drove up liquidity. A total of 127 million shares, worth VND2.33 trillion (US$107.8 million) were traded by the end of on the two markets, up 22 per cent in volume and 30 per cent in value compared with Tuesday's levels.

Foreign investors remained net buyers on the two bourses, picking up shares worth a total of VND133 billion ($6.2 million).

According to analysts at BIDV Securities Co, the market is recovering gradually with support of foreign buyers, who have been responsible for more than VND500 billion ($23.1 million) in the last three sessions, as well as rebounds of oil and gas stocks with hikes in world oil prices.

"Banking, real estate, construction and oil and gas shares are alternately rising and propping up the market in recent sessions," they said.

Many analysts expect the market will keep rallying in the medium term thanks to positive macro and micro economic fundamentals. However, the market will likely be fragmented in the short term, depending on information from the ongoing shareholders' meeting season. — VNS


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