Vietnamese shares rebounded on both local exchanges on February 26 as energy stocks advanced on expectations that a meeting between the world's biggest oil producers will boost prices.
Hanoi (VNA) ꦇ- Vietnamese shares rebounded on both local exchanges on February 26 as energy stocks advanced on expectations that a meeting between the world's biggest oil producers will boost prices.
The benchmark VN Index on the HCM Stock Exchange rose 0.6 percent to close at 566.11 points. The southern index has increased by 2.2 percent this week.
The HNX Index on the Hanoi Stock Exchange added 0.7 percent to end at 79.06 points. The northern index has risen 1.6 percent in the past five trading sessions.
The energy stock led the markets up as crude prices advanced on expectations that a meeting in March between the world's top oil exporters, including Russia and Saudi Arabia, will boost prices. Meanwhile, Russia tried to persuade Iran to reduce oil production, too.
On the day, the US benchmark crude West Texas Intermediate (WTI) rose 1.5 percent to trade at 33.56 USD a barrel. It has gone up 13 percent this week.
London-traded Brent crude added 0.8 percent to trade at 35.58 USD a barrel. It showed strong volatility this week, but still posted a gain of 7.8 percent from the previous week.
Among local energy stocks that made gains, PetroVietnam Gas Corporation (GAS) leaped 1.7 percent, PetroVietnam Drilling and Well Service Corporation (PVD) jumped 3.4 percent, and PetroVietnam Coating Corporation (PVB) was up 0.9 percent.
Other sectors that also contributed to the market gains during the day's session included the brokerage and food and beverage sectors.
The brokerage sector made gains, led by HCM City Securities Corporation (HCM), which jumped 3.6 percent, VNDirect Securities Corporation (VND), which added 1.7 percent, and Bao Viet Securities Corporation (BVS), which rose 2.3 percent.
In addition, dairy firm Vinamilk (VNM) and the food and beverage producer Masan Group (MSN) increased by 0.8 percent and 2.8 percent, respectively, to help lift the markets.
On the other hand, Vingroup JSC (VIC), Vietinbank (CTG), plant grower Hoang Anh Gia Lai JSC (HAG), and Hoang Anh Gia Lai Agricultural JSC (HNG) were the biggest stocks that declined. They fell 1.1 percent, 0.5 percent, 1.2 percent and 2.3 percent, respectively.
Both local exchanges traded nearly 147 million shares worth 2.4 trillion VND (107 million USD), half of the trading value recorded on February 25.-VNA
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