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VN investors eye Xi's visit

Update: November, 02/2015 - 08:13

An investor at Bao Viet Securities exchange floor. The benchmark VN Index gained 0.9 per cent last week to 607.37 points. — VNS Photo Doan Tung

HA NOI (VNS) — Investors will be watching closely a visit by Chinese President Xi Jinping to Ha Noi this week for clues about the state of relations between Viet Nam and its largest trade partner.

If there is no negative news from this visit, the benchmark VN Index on the HCM Stock Exchange will likely rise to 610 points this week, BIDV Securities Corporation (BSC) wrote in its weekly forecast.

Global oil prices rose during the last three days of last week, and it that trend continues this week, it would help boost local energy companies, BSC said.

The benchmark VN Index on the HCM Stock Exchange slightly rose 0.4 per cent to close on Friday at 607.37 points. The index gained 0.9 per cent last week.

The HNX Index on the Ha Noi Stock Exchange inched up 0.3 per cent on Friday to close at 82.23 points. The northern index increased 0.8 per cent last week.

The US benchmark crude West Texas Intermediate (WTI) surged 7.8 per cent and the Brent crude jumped 5.9 per cent in three days to close last week to $46.59 a barrel and $49.56 a barrel.

Local energy stocks also made gains during those days. PetroVietnam Gas Corporation (GAS) was up 1.3 per cent, PetroVietnam Drilling & Well Services Corporation (PVD) gained 2.2 per cent and PetroVietnam Mud Drilling Corporation (PVC) inched up 1 per cent.

Last week, both local exchanges traded a daily average of 146 million shares and VND2.54 trillion ($112.8 million), slightly decreased in trading volume and an increase of 7.9 per cent in trading value. — VNS

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