16/04/2015 15:16 GMT+7 Email Print Like 0

Indices climb on oil, gas stock rally

Hanoi, April 16 (VNA) - Shares rose across the two exchanges on April 15, accompanied by improvement in liquidity.

Both VN-Index and HNX-Index gained more than one percent, while VN30 and HNX30 which track the top 30 shares by market value and liquidity on the two markets, increased by 0.6 percent and 1.77 percent respectively.

In the south, the VN-Index closed the session at 564.50 points and the HNX-Index in Hanoi finished at 83.03 points.

Oil and gas shares, propped up by recovery of global oil prices, led the market uptrend.

On the Hochiminh Stock Exchange, PV Gas (GAS), the biggest stock in term of market capitalisation, climbed 5.5 percent while PetroVietnam Drilling and Wells Service Corp (PVD) hit the ceiling price.

Oil and gas group on the Hanoi Stock Exchange also jumped high, including Petrovietnam Southern Gas (PGS), PetroVietnam Technical Services (PVS), PetroVietnam Engineering Consultancy (PVE) and PetroVietnam Drilling Mud (PVC) with rises between two to eight per cent.

Trades were also active in penny and mid-cap shares that drove up liquidity. A total of 127 million shares, worth 2.33 trillion VND (107.8 million USD) were traded by the end of on the two markets, up 22 percent in volume and 30 percent in value compared with the previous day’s levels.

Foreign investors remained net buyers on the two bourses, picking up shares worth a total of 133 billion VND (6.2 million USD).

According to analysts at the BIDV Securities Co, the market is recovering gradually with support of foreign buyers, who have been responsible for more than 500 billion VND (23.1 million USD) in the last three sessions, as well as rebounds of oil and gas stocks with hikes in world oil prices.

"Banking, real estate, construction and oil and gas shares are alternately rising and propping up the market in recent sessions," they said.

Many analysts expect the market will keep rallying in the medium term thanks to positive macro and micro economic fundamentals. However, the market will likely be fragmented in the short term, depending on information from the ongoing shareholders' meeting season.
VNA/VNP