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Vietnamese market slide ends on oil recovery

Shares bounced back on the two local exchanges on October 27 from a five-day losing streak, driven by the energy sector following a rebound in oil prices.
Vietnamese market slide ends on oil recovery ảnh 1Investors at the Hanoi Stock Exchange (Photo: VietnamPlus)

Hanoi (VNA) - Shares bounced back on the two local exchanges on October 27 from a five-day losing streak, driven by the energy sector following a rebound in oil prices.

The benchmark VN Index on the HCM Stock Exchange went up 0.5 percent to close at 676.90 points, putting a dent in a five-day decline of 2.2 percent.

The HNX Index on the minor Hanoi Stock Exchange also added 0.5 percent to end at 82.69 points after losing a total 3.8 percent during the same period.

The VNXAll Index, the common index between the southern and northern bourses, was up 0.4 percent following a three-day fall of 1.9 percent.

The energy sector led the market up on October 27 after oil prices rebounded slightly on a drop in US crude inventories.

US crude West Texas Intermediate (WTI) advanced 0.4 percent to trade at 49.38 USD a barrel, recovering from a loss of 3.3 percent since October 21.

London-traded Brent crude added 0.6 percent to trade at 50.27 USD a barrel, following a three-day decrease of 3.5 percent.

Local energy stocks also rose slightly. PetroVietnam Gas Corp (GAS) inched up 0.1 percent, PetroVietnam Technical Services Corp (PVS) gained 1.5 percent, and PetroVietnam Construction Corp (PVX) jumped 3.7 percent.

Rubber companies’ stocks performed well, including Phuoc Hoa Rubber JSC (PHR), Dong Phu Rubber JSC (DPR) and Tay Ninh Rubber JSC (TRC) as “the rubber price increased by about 70 percent year on year and these companies will likely report higher earnings for the third quarter,” BIDV Securities Corp (BSC) said in a note.

Property companies’ shares also performed well on October 27, including Hoa Binh Construction and Real Estate Corp (HBC), Tan Tao Investment and Industry Corp (ITA), Saigon Thuong Tin Real Estate Corp (SCR) and Vingroup JSC (VIC).

HBC added 2.2 percent, ITA rose 2.1 percent, SCR was up 1.1 percent and VIC edged up 0.8 percent.

On the negative side, banks continued to perform negatively with only Vietcombank (VCB) and Asia Commercial Bank (ACB) making gains, while Vietinbank (CTG), Sacombank (STB), Bank for Investment and Development of Vietnam (BID) and Eximbank (EIB) declining.

“Market trading liquidity continued to slide, proving that recovery on October 27 would not likely extend in coming sessions,” BSC said.

✱ More than 120.4 million shares were traded on October 27, a decline of nearly 15 percent from previous day. Trading value was 1.95 trillion VND (86.9 million USD), falling nearly 5 percent from the previous session.-VNA

VNA
# Shares #VN Index #energy sector #HCM Stock Exchange #oil recovery #HNX Index #Hanoi Stock Exchange

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