Oil stocks lift the market

January 04, 2017 | 16:04

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Shares continued to advance on Wednesday morning on the two markets, boosted by strong gains in oil and gas stocks.

An investor watches stocks move at MB Securities Company (MBS).

On the HCM Stock Exchange, the VN-Index edged up 0.44 per cent to 675 points. The gauge rose 1.1 per cent on Tuesday.

On the Ha Noi Stock Exchange, the HNX-Index increased 0.5 per cent to stand at 81.8 points. It gained 1.6 per cent in the previous session.

Oil and gas stocks lifted the market with most of the large-cap oil companies advancing.

PV Gas (GAS) and PetroVietnam Drilling and Wells Service (PVD), two of the top 30 largest shares by market value and liquidity on the HCM City’s bourse, grew 2.8 per cent and 3.8 per cent, respectively.

Others, including PetroVietnam Drilling Mud (PVC), PetroVietnam Technical Services (PVS) and Petroleum Equipment Assembly & Metal Structure (PXS), increased between 1.5 per cent and 3.6 per cent each/

Global oil prices fell from the 18-month peak on Tuesday following the rise of the US dollar. West Texas Intermediate (WTI) oil closed down 2.6 per cent to US$52.33 per barrel, while Brent crude was down 2.4 per cent to $55.47 per barrel.

Overall market condition was neutral with 181 stocks rising, 187 falling and 331 closing flat.

More than 84.5 million shares worth VND1.45 trillion (nearly $64 million) were traded on the two markets.

The afternoon session starts at 1pm.

VNS

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