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Energy, natural rubber stocks lift VN markets
Vietnamese shares rallied this morning on both local exchanges, as energy firms and natural rubber producers continued to rise.
The benchmark VN Index on the HCM Stock Exchange rose 0.6 per cent to close at 577.23 points, and the HNX Index on the Ha Noi Stock Exchange was up 0.4 per cent to end at 80 points.
Local energy stocks made large gains as crude prices continued to rise after American producers cut the number of oil rigs to the least in more than six years.
American benchmark West Texas Intermediate (WTI) added 1.8 per cent to trade at US$36.58 a barrel. WTI jumped nearly 10 per cent last week on expectations that the OPEC and Russia would reach an agreement on production cut.
Among local energy stocks, PetroVietnam Gas Corporation (GAS) jumped 5.8 per cent, while PetroVietnam Drilling and Well Service Corporation (PVD) and PetroVietnam Mud Drilling Corporation (PVC) surged 6.3 per cent each.
Natural rubber producers such as Quang Nam Rubber Investment JSC (VHG), Phuoc Hoa Rubber JSC (PHR) and Tay Ninh Rubber JSC (TNC) also advanced strongly to lift the markets.
VHG surged 5.8 per cent, while PHR and TNC leaped 6.7 per cent each.
Both local markets traded more than 131.6 million shares, worth VND1.94 trillion ($86.4 million).
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