HANOI: Vietnamese shares extended a rally for a third day on the two local exchanges yesterday as global oil prices rose, boosting local energy shares. The benchmark VN Index on the HCM Stock Exchange rose 0.7 per cent to close at 592.10 points. On the Ha Noi Stock Exchange, the HNX Index was up 0.2 per cent to finish at 80.89 points.
VNDirect Securities Corporation (VND) wrote in a daily report that it expects the VN Index to eventually rise to between 610 and 615 points. Energy stocks rose 0.5 per cent after the US benchmark crude West Texas Intermediate (WTI) was up 0.6 per cent to trade at $49.93 a barrel, according to Reuters.
Among energy producers, large shares such as Petrovietnam Gas Corporation (GAS), Petrovietnam Drilling & Well Services (PVD) and Petrovietnam Coating Company (PVB) were among best gainers. These firms were up 0.4 per cent, 1.3 per cent and 0.9 per cent, respectively.
The banking sector was up 1.3 per cent. Vietcombank (VCB) was the strongest gainer among nine listed bank with a jump of 3.4 per cent. The bank’s improvement came after news saying it would allegedly lend the Ministry of Finance $1 billion at an annual interest rate of 3 to 4 per cent, which may boost the bank’s income in the near future.
In May, the finance ministry also sold $1 billion of government bonds to VCB at an annual rate of 4.8 per cent. Other financial firms such as insurer Bao Viet Holdings (BVH) was up 6.2 per cent. BVH has increased 17.6 per cent in the last five days.
FLC Group (FLC) was the most active stock on the market with more than 8 million shares in trading. FLC ended flat yesterday. The two local bourses traded more than 195 million shares or VND3.58 trillion ($159.2 million), an increase in value of 11 per cent from last week’s average data.
