Shares climb on oil, gas growth

Thien Thanh Sanitaryware joint company



Shares climb on oil, gas growth

 
 
 
Shares rose on August 28 on the two exchanges, propped up by oil and gas companies' sharp growth. On the Ho Chi Minh Stock Exchange, the VN-Index extended rises to four days in a row with another gain of 2.71 percent, closing the session at 570.87 points.

Meanwhile, the HNX-Index on the Hanoi Stock Exchange edged up 1.62 percent to end at 78.27 points.

Oil and gas stocks continued to support the market, as many of these shares hit the daily ceiling trading limit thanks to a strong global oil rebound.

PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD), and Petroleum Equipment Assembly & Metal Structure (PXS) climbed 7 percent, the highest growth in a day on the HCM Stock Exchange.

Oil shares in Hanoi 's market also jumped, with PetroVietnam Technical Services (PVS), PetroVietnam Drilling Mud (PVC) and PetroVietnam Coating (PVB) growing by more than 5 percent each.

US crude and Brent oils surged more than 10 percent on August 27, their biggest gain in a single day since 2008.

According to analysts, a market rebound after a protracted rout was normal in the context that the impacts of external factors are starting to become subdued.

Brokerage securities companies also performed well after they received news that the State Securities Commission has approved Saigon Securities Inc (SSI)'s plan to raise its foreign ownership limit to 100 percent.

SSI hit the ceiling trading band of 7 percent with 12.5 million shares traded, becoming the second most active stock in HCM City 's market. Other shares like HCM Securities Co (HCM), VNDirect Securities Co (VND) and BIDV Securities Co (BSI) also advanced 3 to 4 percent each.

The overall market conditions were positive, as the number of gaining shares almost doubled that of the losers.
 
Liquidity improved with a total of 215.4 million shares worth almost 3.4 trillion VND (151.1 million USD) being traded by the end of the session in the two markets, up 13 percent in volume and 29 percent in value compared with the previous session.

Foreign investors stopped selling out on August 28, concluding as net buyers on the two bourses after three days of net selling.
 
They picked up shares worth a combined 100 billion VND (4.4 million USD) in the two markets.

en.vietnamplus.vn