|Investors at the SSI stock trading floor. Viet Nam's stock market yesterday rose to end a two-day losing streak. — VNS Photo Viet Thanh
HA NOI (VNS) — Vietnamese shares rose on both local bourses after two days of losses as local plastic and rubber firms benefited from global oil prices sinking to a seven-year low.
The benchmark VN Index on the HCM Stock Exchange and the HNX Index on the Ha Noi Stock Exchange added 0.4 per cent each to close at 563.43 points and 79.22 points, respectively.
The plastic and rubber firm index yesterday rose 1.4 per cent as local plastic producers were able to reduce their input costs after global oil prices continued declining on Thursday.
The US benchmark crude West Texas Intermediate (WTI) on Thursday dropped 1.1 per cent to trade at US$36.76 a barrel. Yesterday, WTI fell another 0.8 per cent to trade at $36.48 a barrel – the lowest in the past seven years.
Among local plastics firms that made gains yesterday, Binh Minh Plastic JSC (BMP) gained 1.6 per cent, Tien Phong Plastic JSC (NTP) rose 1.2 per cent and Rang Dong Plastic JSC (RDP) jumped 4.7 per cent.
Local rubber producers also advanced for the same reason with plastic firms. The rubber firm index yesterday rose 0.6 per cent.
Sao Vang Rubber Joint Stock Company (SRC) jumped 3.2 per cent, while the Southern Rubber Industry JSC (CSM) and Da Nang Rubber JSC (DRC) inched up 0.4 per cent and 0.2 per cent, respectively.
The stock market was also lifted by stocks that had positive news about their businesses such as Eximbank and PetroVietnam Fertiliser and Chemicals Corporation.
Eximbank (EIB) surged 6.9 per cent after the bank appointed Tran Tuan Loc, the bank's Vice Director General, as the Acting Director General in order to replace Pham Huu Phu, the former Director General.
Meanwhile, PetroVietnam Fertiliser and Chemicals Corporation (DPM) jumped 2.6 per cent after the company said it planned to pay a 25 per cent cash dividend.
Other big stocks also contributed to the market rise such as Vietcombank (VCB) which inched up 0.2 per cent, insurer Bao Viet Holdings (BVH) which gained 1 per cent and Vingroup JSC (VIC) which rose 0.5 per cent.
Both local bourses traded more than 135 million shares worth VND1.9 trillion ($84 million), a decrease of one-fifth from Thursday. — VNS