Stocks Rally over Oil Spike

Ho Chi Minh City’s VN-Index edged up one point, or 0.19 percent, to close at 526.98 on Friday following a surge in world oil prices.

Today saw more than 22.5 million shares worth VND858 billion change hands. Among the index members, 84 advanced, 60 fell and 12 stayed put.

Hoa Phat Group Joint-Stock Co. dropped VND3,500, or 4.5 percent, to VND74,000, its first decline since August 5. The company received permission from the Ho Chi Minh Stock Exchange on August 20 to list more than 56 million additional shares, according to a statement posted on the exchange's Web site after the market closed yesterday.

Khanh Hoa Power Joint-Stock Co. fell VND600, or 4.3 percent, to close at VND13,400. Tran Dang Hien, vice general director of the company, plans to reduce his stake to 0.3 percent from 0.7 percent by selling 63,400 shares. The sale starts August 25 and will be completed by November 25.

Thu Duc Housing Development Joint-Stock Co. rose VND3,000, or 4.5 percent, to close at 69,500, the highest since June 2. The Ho Chi Minh City-based company has bought back 200,000 shares, according to a statement filed to the stock exchange today.

PetroVietnam Drilling & Well Services Joint-Stock Co. climbed VND5,000, or 4.4 percent, to VND120,000. Deutsche Bank AG increased its holding to 5.02 percent from 4.97 percent through the purchase of 59,700 shares, the stock exchange said in a statement on its Web site late yesterday.

On the international scene, oil briefly rose above $121 a barrel on Friday on mounting tension between the United States and Russia, boosting European energy stocks but hurting government bonds as inflation worries resurfaced. Crude prices have gained more than 6 percent this week on escalating tensions over Russia's military intervention in Georgia.

Reported by Thieu Gia

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