Saturday, January 18 2020


Vn stocks up on rising oil, positive forecasts

Update: March, 29/2016 - 09:00
The benchmark VN Index on the HCM Stock Exchange added 0.6 per cent to close at 575.72 points, extending gains for a second day. — Photo ndh

HÀ NỘI (VNS) — Vietnamese shares advanced on both local exchanges yesterday as energy firms rose on higher oil prices and other companies gained on expectations for better earnings this year.

The benchmark VN Index on the HCM Stock Exchange added 0.6 per cent to close at 575.72 points, extending gains for a second day.

The HNX Index on the Hà Nội Stock Exchange bounced 0.9 per cent from Friday to finish at 80.43 points.

Local energy stocks ended higher as oil prices rebounded from a two-day decline.

US benchmark crude West Texas Intermediate (WTI) rose 1 per cent to trade at US$39.87 points. WTI fell 4.8 per cent during the previous two trading days.

London-traded Brent crude added 0.9 per cent to trade at $40.79 a barrel. Brent crude dropped 3.2 per cent in the previous two sessions.

Energy stocks that made gains included PetroVietnam Coating Corporation (PVB) and PetroVietnam Drilling and Well Service Corporation (PVD) added 2.6 per cent and 2.4 per cent, while PetroVietnam Technical Service Corporation (PVS) rose 1.2 per cent.

Property developers and steel producers made gains on expectations of higher earnings this year.

The property sector was lifted by Phát Đạt Real Estate Development JSC (PDR) and Hoàng Quân Consulting-Trading-Service Real Estate Corporation (HQC).

PDR jumped 4.9 per cent after the company announced it will make earnings this year that doubled from last year’s figures, HQC jumped 3.5 per cent after the company last week announced it will allow foreign investors to raise their ownership to 60 per cent.

Other property stocks also advanced, including Vingroup JSC (VIC), FLC Group (FLC) and Nam Long Investment Corporation (NLG), which increased by 2 per cent, 1.5 per cent and 1.7 per cent.

Among steel producers, Tiến Lên Steel Group JSC (TLH) surged 6.9 per cent on expectations its inventory will reduce in the second quarter of this year, and Việt Nam Germany Steel Pipe JSC (VGS) rocketed 9.3 per cent after the company reported higher earnings last year compared to 2014.

The biggest stocks in the steel industry such as Hòa Phát Group JSC (HPG) and Hoa Sen Group (HSG) also made gains.

Among other stocks that helped drive the markets up, PetroVietnam Power Nhơn Trạch 2 JSC (NT2) surged 5.9 per cent after the company targeted higher earnings this year and a 20 per cent dividend payment for shareholders.

Other large-cap stocks such as dairy firm Vinamilk (VNM), food and beverage producer Masan Group (MSN) and insurer Bảo Việt Holdings (BVH) also ended higher to lift the markets.

Both local exchanges traded more than 179 million shares worth VNĐ2.68 trillion ($119 million), a decrease of 10 per cent from last week’s daily trading value.  — VNS

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