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VN shares rise on robust profits for energy companies
Vietnamese shares yesterday rose on both local exchanges as local energy-related companies reported higher sales and profits in the first three quarters of this year compared to the same period a year ago.
The benchmark VN Index on the HCM Stock Exchange gained 0.4 per cent to close at 592.4 points, ending two days of losses, and the HNX Index on the Ha Noi Stock Exchange inched up 0.5 per cent to 81.14 points, extending its rally for a second day.
Local energy stocks made gains after the Vietnam National Oil and Gas Group (PVN) reported its subsidiaries earned bigger revenues and profits than expected by the company during the first nine months of this year despite a drop in global oil prices over the last year.
US benchmark crude West Texas Intermediate (WTI) fell another 1.4 per cent to trade at US$46 a barrel yesterday. WTI crude fell 15.3 per cent over the first nine months of 2015.
Subsidiaries of PVN include PetroVietnam Gas Corporation (GAS), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Mud Drilling Corporation (PVC) and PetroVietnam Fertiliser & Chemicals Corporation (DPM).
The energy sector index was led by GAS, which gained 0.6 per cent, PVS rose 1.4 per cent, PVC was up 1 per cent and DPM jumped 1.5 per cent.
The banking sector index rose 0.6 per cent after banks proposed the Government reduce State ownership to 51 per cent in the three biggest banks on the stock market, which are Vietcombank (VCB), Vietinbank (CTG) and the Bank for Investment and Development of Vietnam (BID).
At the end of August, the State was holding 77.11 per cent in VCB, 64.46 per cent in (CTG) and 95.28 per cent in BID. After that information was published, VCB gained 0.4 per cent, CTG rose 2.5 per cent and BID ended flat.
On the negative side, some large stocks were undermined by uncertainty about when the State plans to reduce its ownership stakes in those companies, brokerage Sai Gon Securities Corporation (SHS) said in a report.
Among those shares, Vinamilk (VNM) fell 0.9 per cent, FPT Corporation (FPT) dropped 0.2 per cent and Binh Minh Plastics Joint Stock Company (BMP) remained flat.
The two local exchanges traded nearly 166 million shares and VND2.43 trillion ($108 million), a decrease of 7 per cent the previous session. Tan Tao Investment & Industry Corporation (ITA) was the most active stock in the market with more than 6.8 million shares in trading and gained 4.7 per cent.
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