Oil ends markets’ losing streak

Oil ends markets’ losing streak

The trading platform on the MBS exchange floor. Local markets yesterday rebounded from losing streaks as rising oil prices boosted energy stocks. -- VNS Photo Trương Vị

HÀ NỘI – Vietnamese shares rebounded from recent losing streaks on both local markets yesterday as rising oil prices lifted energy stocks.

The benchmark VN Index on the HCM Stock Exchange rose  一. 四 per cent to close at  五 七 五. 七 三 points, ending a two-day decline of more than  二 per cent.

The HNX Index on the Hà Nội Stock Exchange bounced back 0. 四 per cent from a three-day slide of  一. 一 per cent to finish at  七 九. 六 九 points.

The energy industry continued its upward trend as oil prices had the third gaining session after US production declined to its lowest point since October  二0 一 四 and the Organisation of Petroleum Exporting Countries (OPEC) said it could hold new talks in May on an output freeze.

US crude West Texas Intermediate (WTI) inched up 0. 一 per cent to trade at US$ 四 四. 二 二 a barrel and London-traded Brent crude rose slightly to trade at $ 四 五. 八 二 a barrel.

US crude has advanced  一 一 per cent in the last three sessions after OPEC’s talk in Doha broke down on Sunday, while Brent crude has increased by  六. 八 per cent.

Among energy stocks, PetroVietnam Gas Corp (GAS) and PetroVietnam Drilling and Well Service Corp (PVD) surged  六. 二 per cent and  五. 七 per cent, respectively.

PetroVietnam Mud Drilling Corp (PVC) and PetroVietnam Technical Service Corp (PVS) jumped  四. 五 per cent and  四. 四 per cent, respectively.

The property sector also made good gains after official data from the Việt Nam Real Estate Association (VNREA) showed that this sector has made significant improvements during the first quarter, Bảo Việt Securities Corp (BVSC) wrote in its daily report.

The property market has seen a stable and firm recovery in the first quarter, BVSC said. The market’s growth in the first quarter is  三. 四 per cent – the strongest growth since  二0 一 二 – while real-estate stockpiles by March  二0 fell  六. 四 per cent from the previous month to a value of VNĐ 四 四. 八 五 trillion.

Among property developers, Vingroup JSC (VIC), Sài Gòn Thương Tín Real Estate JSC (SCR), An Dương Thảo Điền JSC (HAR) and Hoàng Quân Consulting-Trading-Service Real Estate Corp (HQC) advanced between  一. 八 per cent and  二. 二 per cent.

Other companies with positive quarterly performance also helped boost the markets.

HCM City Securities Corp (HCM) gained  二 per cent after it reported a net profit of VNĐ 六 四. 七 billion ($ 二. 八 七 million), an increase of  四0 per cent from last year’s figure.

Phú Nhuận Jewelry JSC (PNJ) increased by  一. 九 per cent after the jewelry trader reported a net profit of VNĐ 一 二0 billion in the first quarter of  二0 一 六, a growth of  九. 二 per cent from  二0 一 五’s first quarter.

Both local markets exchanged nearly  一 四 九 million shares worth nearly VNĐ 二. 二 trillion, a decrease of nearly  一 九 per cent from Wednesday. – VNS