Energy stocks lead Vietnam rebound
Vietnamese shares rebounded on January 29 as energy stocks recovered on higher oil prices.
The benchmark VN Index on the HCM Stock Exchange gained 1.1% to close at 545.25 points and the HNX Index on the Hanoi Stock Exchange rose 0.9% to end at 76.87 points.
The energy sector index jumped 4.1% after global crude prices rebounded on expectations that Russia will work with the Organisation of Petroleum Exporting Countries (OPEC) to reduce oversupply in international oil markets.
US benchmark crude West Texas Intermediate (WTI) inched up 0.1% to close at US$33.25 a barrel. It has risen 9.6% in the last four sessions and a fourth from its twelve-year low of US$26.55 a barrel touched on January 20.
Among local energy stocks, PetroVietnam Gas Corporation (GAS) surged 6.8%, PetroVietnam Drilling and Well Services Corporation (PVD) jumped 7%, and PetroVietnam Mud Drilling Corporation (PVC) advanced 9.3%.
Other energy stocks also made large gains, including PetroVietnam Coating JSC (PVB) and PetroVietnam Technical Services Corporation (PVS), which jumped 8.3% and 7.7%, respectively.
 |
| Stock market |
Meanwhile, Vietnam's stocks were also boosted by a rise in Asian stocks after Japan's central bank announced on the same day a negative interest rate of 0.1% for excess reserves parked with the institution.
Banks and insurance companies helped lift the market. Among nine listed banks, the biggest ones made gains including Vietcombank (VCB), which rose 2.2%, and the Bank for Investment and Development of Vietnam (BIDV), which gained 1.8%.
The insurance sector index was up 2%, led by insurer Bao Viet Holdings (BVH), which added 2.8%, and Bao Minh Insurance Corporation (BMI), which was up 2.1%.
Both local markets traded more than 165 million shares worth nearly VND2.4 trillion (US$106 million), a slight increase from the trading value recorded on January 28 but still lower than last year's daily trading value.
