Tuesday, December 6 2016

VietNamNews

VN stocks mixed, oil prices boost energy stocks

Update: March, 04/2016 - 08:27

Investors at Saigon Securities Inc in Ha Noi. — VNS Photo Doan Tung

HA NOI (VNS) — Vietnamese shares were mixed and remained nearly unchanged on both local bourses yesterday, while higher crude oil prices boosted energy stocks.

The benchmark VN Index on the HCM Stock Exchange gained 0.04 per cent to close at 570.39 points, extending its rally of 2 per cent for a third day.

The HNX Index on the Ha Noi Stock Exchange was down 0.02 per cent to finish 79.29 points. The northern index had increased by 0.7 per cent in the previous two days.

Global crude prices advanced yesterday as investors turned their attention to the Organisation of Petroleum Exporting Countries (OPEC) plan of a production freeze, boosting expectations that prices will rise in the future.

US benchmark crude West Texas Intermediate (WTI) was choppy during yesterday's trading session and rose 0.2 per cent to trade at US$34.73 a barrel. London-traded Brent crude fell a slight 0.03 per cent to trade at $36.92 a barrel, nearly unchanged from Wednesday's price.

Local large-cap energy stocks made gains. PetroVietnam Gas Corporation (GAS) added 2.5 per cent. PetroVietnam Mud Drilling Corporation (PVC) gained 2.1 per cent. And PetroVietnam Coating Corporation (PVB) was up 0.8 per cent.

The markets were also lifted by: Vietinbank (CTG), which rose 0.5 per cent; PetroVietnam Fertiliser Chemicals Corporation (DPM), which leaped 1.3 per cent; and Da Nang Rubber JSC (DRC) and food and beverage producer Masan Group (MSN), which each rose 2 per cent.

Financial companies fell on the other hand, pulling the markets down, led by insurance firms such as BIDV Insurance Corporation (BIC), Bao Viet Holdings (BVH) and Bao Minh Insurance Corporation (BMI), which dropped 1.9 per cent, 1 per cent and 2 per cent, respectively.

Other financial firms such as Vietcombank (VCB), the Bank for Investment and Development of Viet Nam (BID), HCM City Securities Corporation (HCM) and Saigon Securities Incorporation (SSI) retreated from Wednesday's gains.— VNS



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