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Hanoi (VNA) - Vietnamese shares on both l🅷ocal markets extended rallies for a fifth day on June 2 as increasing oil prices hel𓂃ped improve investor confidence in energy stocks.

The benchmark VN Index on the HCM Stock Exchange rose 0.6 percent to finish at 623.37 points, totaling a five-day gain of 3.1 percent. The HNX Index on the Hanoi Stock Exchange closed up 0.7 percent at 82.45 points to rally 1.7 percent in the last five trading sessions. Investor confidence in local energy stocks was bolstered as oil prices struggled to stay positive while members of the Organisation of Petroleum Exporting Countries had a meeting to discuss production policy. US crude West Texas Intermediate (WTI) was traded at 49.14 USD a barrel, up 0.3 percent from June 1, and London-traded Brent crude increased slightly to trade at 49.76 USD a barrel. Local energy stocks managed to erase losses made in the early sessions and finished higher than previous day’s values. PetroVietnam Gas Corp (GAS) advanced 2.5 percent, while others such as PetroVietnam Drilling and Well Service Corp (PVD), PetroVietnam Mud Drilling Corp (PVC) and PetroVietnam Technical Service Corp (PVS) rose between 1.1 percent and 1.4 percent. “Investors also remained upbeat as the latest Nikkei data showed that Vietnam’s Purchasing Managers Index (PMI) for May reached 52.7 points, proving a significant recovery in the country’s production,” Saigon-Hanoi Securities Corp (SHS) wrote in its daily report. Such high investor sentiment helped boosted property firms, banks and brokerage companies, which took turns to drive markets up in the previous sessions. Real estate and construction firms that climbed on June 2 included FLC Group (FLC), Thang Long Investment Group JSC (TIG), An Duong Thao Dien JSC (HAR), Construction JSC No 5 (SC5) and Vietnam Investment Construction and Trading JSC (CTX). Those stocks were up between 1.3 percent and 5.9 percent. The four largest listed banks, Vietcombank (VCB), the Bank for Investment and Development of Vietnam (BID), Vietinbank (CTG) and Sacombank (STB), recorded gains of between 0.4 percent and 1.1 percent. Saigon Securities Inc (SSI), Kim Long Securities Corp (KLS) and FIT Investment JSC (FIT) led the financial service sector up. SSI edged up 0.5 percent, KLS grew 1.9 percent and FIT was up 1.5 percent. Investors on both local markets exchanged more than 190 million shares worth 2.55 trillion VND (113.6 million USD) on June 2, which was slightly down from previous day’s trading value.-VNA