Vietnamese shares were saved on October 11 during the late period as higher oil prices helped raise energy firms and steelmakers advanced on expectations for good third-quarter performance reports.

The benchmark VN Index on the HCM Stock Exchange rose 1.2 percent to finish at 682.36 points after falling 1.9 percent in the previous two trading days.

Investors at FPT Securities Company (Photo for illustration: baodautu.vn)

The HNX Index on the Hanoi Stock Exchange covered some early losses during intraday trading to close at 84.54 points, slightly down from Monday’s closing level, and marked the third losing day of 1.7 percent in total.

“Market sentiment was buoyed by the news that Russia said it was willing to co-operate with the Organization of Petroleum Exporting Countries (OPEC) to limit production at the current level and called for similar action from other non-OPEC countries,” BIDV Securities Co (BSC) wrote in its daily report.

Positive signals from Russia helped boost crude prices on October 10 and lifted Vietnamese oil and gas producers.

In the energy sector, common names such as PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Services Corp (PVD) and PetroVietnam Technical Services Corp (PVS) took turns to lead the market up.

GAS surged 6.7 percent, PVD jumped 3.3 percent and PVS gained 2.8 percent.

“The willingness shown by Russia and OPEC members for an output freeze at the moment may support oil prices in the short term,” Bao Viet Securities Co (BVSC) said in a note.

Steelmakers also advanced following a series of poor trading sessions after the largest producer Hoa Phat Group (HPG) reported a revenue of VND 8.3 trillion (USD 368.9 million) and an after-tax profit of VND 1.6 trillion for the third quarter of this year, BVSC said.

With the latest results, Hoa Phat Group has accomplished 85 percent of this year’s targeted revenue and 145 percent of this year’s targeted after-tax profit. Positive business results helped lift HPG by 6.9 percent on October 11.

The strong advance of HPG also spread to other steel producers such as Hoa Sen Group (HSG), Vietnam-Italy Steel JSC (VIS) and Nam Kim Steel JSC (NKG), which added between 0.9 percent and 4.9 percent on expectations that those companies would perform as well as HPG.

Natural rubber producers such as Phuoc Hoa Rubber JSC (PHR) and Dong Phu Rubber JSC (DPR) also rose as rubber prices on the global exchange increased.

More than 185 million shares were traded across the two local exchanges worth VND 3.5 trillion, a quarter higher than the October 10 trading value.

Source: VNA