Energy drives local stock markets up

10-Aug-2018 Intellasia | The Saigon Times | 6:02 AM Print This Post

Energy stocks drove the market up today, August 8, as confidence in the energy sector was bolstered following the recent oil price increase.

The benchmark VN Index on the Hochiminh Stock Exchange (HOSE) closed the day at 966.27 points, surging 9.48 points, or 0.99 percent, versus the previous session.

Trade on the southern market declined by 4.2 percent in volume and a staggering 25.9 percent in value to some 155.7 million shares and VND3.5 trillion, the lowest liquidity in the last 15 consecutive sessions.

The local put-through market saw around 14.5 million shares worth some VND504.6 billion traded, compared with over 23.8 million shares worth roughly VND1.5 trillion on Tuesday.

Notably, dairy producer VNM rose by a slight 1.63 percent at VND155,500 per share after its straight eight-day losing streak.

Oil prices have soared recently, as global markets fret over the prospect that the United States sanctions on Iran will cause fuel supply to fall.

As a result, gas and oil stocks fared well this session. Leading gas firm GAS rose by a sharp 4.2 percent to close at VND98,000 per share. Other stocks like PLX, PXS, PXT, PXI and PVT also performed well. It was worth noting that PVD shot up to the ceiling price of VND15,500 with a 6.9 percent rise.

Again, banks were major index savers on the southern market, as they kept luring cash flow. Lender VCB rose 1 percent at VND62,100 while BID gained 6.4 percent at VND29,200. CTG, MBB, VPB and STB also closed the day in positive territory.

Among speculative stocks, food enterprise GTN came under heavy selling pressure, and thus plunged 6.6 percent at VND12,000 per share, with its volume reaching more than four million.

Leading property developer FLC was the most actively-traded stock on the southern bourse, with over 15.1 million shares changing hands, but its value slid by 2.25 percent at VND6,090.

Meanwhile, the HNX-Index of the Hanoi Stock Exchange closed at the intraday high of 107.67 points, up 1.85 percent against the previous session.

There were more than 45.4 million stocks worth some VND679.1 billion changing hands on the northern bourse, of which put-through transactions were valued at over VND13.4 billion from 1.83 million shares traded.

Gas and oil stocks also stole the limelight in the Hanoi market rally. PVS took the lead by liquidity with more than 10.1 million shares traded, and its value increased by a steep 9.2 percent to VND20,100 per share. Its counterpart PVC was up 7.4 percent at VND7,300 each, with 408,500 shares changing hands.

Lender ACB, the top heavyweight on the market, surged 3.4 percent at VND36,700 per share with more than six million shares traded. SHB also saw a marked increase of 2.5 percent at VND8,100 each it had over 5.8 million shares sold.

Foreign investors stayed on the selling side for the eighth session in a row, net selling a whopping VND149.5 billion worth of shares on the two exchanges.

http://english.thesaigontimes.vn/61849/energy-drives-local-stock-markets-up.html

 


Category: Stocks, Vietnam

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