Stocks rally on fuel price cut

VN-Index moved up on Thursday as the fuel price cuts(Photo: Thieu Gia)

The Ho Chi Minh Stock Exchange moved up on Thursday as the fuel price cuts buoyed sentiments somewhat.

The VN-Index comprising 168 firms and four closed-end funds gained 2.08 points, or 0.7 percent, to close at 288.93. Fifty two shares declined, 92 advanced, and 24 were unchanged.

Trading volume remained dull, with a mere 7.7 million shares. A HCMC-based analyst said the low volume showed investors expect the market to remain depressed.

The Ministry of Finance cut fuel prices and raised fuel import tariffs for a second time in 10 days Wednesday as global oil prices continued to remain at low levels.

The most popular 92-octane gasoline and 95-octane would both be VND1,000 cheaper at VND11,000 and VND11,500 a liter, the Ministry said in a statement.

The statement added diesel and kerosene prices would also fall by VND1,000.

With effect from today, the import tariff on gasoline, kerosene and engine oil will increase to 40 percent from 35 percent.

The new tariffs are the highest in a range fixed by the ministry, online newspaper VietNamNet said.
Saigon Securities Inc. (SSI) advanced VND1,200, or 4.7 percent, to close at VND26,700. The country’s largest brokerage plans to buy back 1,251,769 shares on December 18, according to a statement posted on the exchange’s website.

SMC Investment Trading Joint-Stock Co. (SMC) rose for the first time in five days, gaining VND600, or 3.2 percent, to VND19,200. Board chairman Nguyen Ngoc Anh registered to buy 50,000 shares within two months to increase his holding in the company to 1.2 million shares, or 10.93 percent, Dau Tu Tai Chinh newspaper reported today, without citing a source.

Traphaco Joint-Stock Co. (TRA) added VND1,900, or 4.9 percent, to finish at VND40,400. Chairman Vu Thi Thuan registered to buy 20,000 shares, to increase his stake to 1.5 percent from 1.26 percent.

The Hanoi Securities Trading Center also edged up, with the HaSTC-Index gaining 1.48 percent to finish at 101.73.

Reported by Thieu Gia

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