HANOI: Shares continued to rally yesterday with oil and gas companies gaining value on the steady rise of global oil prices. On the HCM Stock Exchange, the VN-Index edged up 0.2 per cent to close the session at 588 points. The Index rose 1.2 per cent on Thursday.
Meanwhile the HNX-Index on the Ha Noi Stock Exchange gained another 0.4 per cent to end yesterday’s session at 80.8 points. Oil and gas stocks climbed strongly yesterday, propped up by bright prospects of global oil prices in the future.
Large-cap oil shares like PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD), PetroVietnam Technical Services (PVS) and PetroVietnam Drilling Mud (PVC) increased between 1 per cent and 3 per cent. PVS was the biggest gainer with a 3.2 per cent rise.
US crude oil, known as West Texas Intermediate oil (WTI), rebounded from the bottom in mid-August at US$32.2 per barrel to $50.38 overnight on Thursday. Brent crude oil also surged, even higher to almost $54.
Research PIRA Energy Group predicted crude prices would rise to $70 per barrel by the end of 2016. According to analysts at VPBank Securities Co, the uptrend in the global oil market would benefit oil and gas companies while hurting others.
“GAS and PVD would likely be the biggest gainers on higher oil prices, but logistics firms like Gemadept (GMD) would suffer,” they wrote in a note, showing GAS, PVD and PVS had advanced 5-8 per cent in the past month. Apart from oil and gas stocks, real estate companies continued to attract investment.
FLC Group (FLC), Tan Tao Investment Industry (ITA), Hoang Anh Gia Lai Co (HAG) and Sai Gon Thuong Tin Real Estate (SCR) were the most active stocks in the two markets. Besides SCR, others climbed between 2 per cent and 3 per cent.
Overall liquidity declined slightly against Thursday. A total of 215.3 million shares worth VND3.36 trillion ($149.3 million) were traded on the two exchanges by the end of yesterday, down 13 per cent in volume and 9 per cent in value compared with the previous session.
Foreign investors remained net buyers in the two markets yesterday. They bought a total of nearly 19 million shares worth VND346.5 billion ($15.4 million) and unloaded 6.3 million shares worth VND186 billion ($8.3 million), picking up a net of 13 million shares worth VND161 billion ($7.2 million).
