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Stocks rebound on rallying oil prices

Update: September, 09/2016 - 09:00
Photo shows a trading session at MayBank KimEng Securities Co. Local shares yesterday bounced back from a four-day losing streak as higher oil prices lifted the energy sector. — Photo enternews.vn
Viet Nam News

HÀ NỘI — Vietnamese shares rose yesterday as higher crude prices lifted energy stocks and foreign investors’ selling value decreased from the previous sessions.

The benchmark VN Index on the HCM Stock Exchange bounced back 0.7 per cent to finish at 666.07 points after losing 2 per cent in the previous four sessions.

The HNX Index on the Hà Nội Stock Exchange rebounded 0.6 per cent from Wednesday’s fall to maintain its upward trend. The HNX Index closed at 84.69 points.

The energy sector was the main driver for the market yesterday as it benefited from higher crude prices after oil exporters have been discussing a production freeze to reduce the current global glut.

US crude West Texas Intermediate (WTI) advanced 1.7 per cent to trade at US$46.26 a barrel, and London-traded Brent crude added 1.4 per cent to trade at $48.64 a barrel. They were both up at least 7 per cent since the beginning of this month.

Local energy stocks such as PetroVietnam Gas Corp (GAS), PetroVietnam Technical Services Corp (PVS) and PetroVietnam Coating Corp (PVB) increased in the range of 1 per cent and 2.7 per cent.

The largest stock in terms of market capitalisation, dairy firm Vinamilk (VNM), yesterday bounced back 0.7 per cent after declining by 6.4 per cent in the previous four days. Vinamilk on Wednesday was announced among eight winners for import quotas of refined sugar.

Two listed sugar companies, Biên Hòa Sugar JSC (BHS) and Thành Thành Công Tây Ninh Sugar and Sugarcane Co (SBT) also won bids for import quotas of raw sugar.

These two stocks moved in different ways with BHS surging 6.7 per cent while SBT pulling back 0.9 per cent from a two-day increase of 1.5 per cent.

Other blue chips such as Bank for Investment and Development of Việt Nam (BID), property developer Vingroup JSC (VIC) and consumer goods producer Masan Group (MSN) also ended higher.

Lower foreign net sell value yesterday also helped bolster market sentiment, which has declined in the previous four sessions.

Foreign investors yesterday recorded a net sell value of more than VNĐ124 billion ($5.5million), nearly half of that made on Wednesday.

Việt Nam’s central bank yesterday set its daily reference mid-point rate at VNĐ21,914 for a US dollar, down slightly from Wednesday’s value of VNĐ21,917.

Property developer FLC Group (FLC) was the most active stocks with nearly 8.8 million shares in trading. More than 168 million shares were exchanged in total, worth VNĐ3.66 trillion – up slightly from Wednesday’s trading value. — VNS

Box:

HNX issues new regulatory items for stock trading

The Hà Nội Stock Exchange (HNX) has issued some new regulatory items for stock trading, which come into effect on September 12. The new items are expected to increase market trading liquidity in the future.

Two main items are:

1. Investors cannot correct and cancel their orders set during the At The Close Order (ATC), including orders that are set at the uninterrupted trading period during the session.

This item aims to prevent investors from manipulate trading prices during the ATC.

2. Investors can set buy and sell orders at the same time for a specific stock during the uninterrupted trading period of the session.

This item will help investors to buy and sell a stock at the same time during the session, however, selling and buying a stock at the same time are forbidden during the ATC to avoid price manipulation.

 

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