Vietnam hits more than nine-year closing high

THAI and Vietnamese shares closed higher in thin trade on Monday, buoyed by stronger oil prices and taking a cue from broader Asian peers, even as other Southeast Asian stock markets were shut for the Muslim festival of Eid al Fitr.

Oil rose for a third straight session on Monday, with investors in US crude futures and options increasing bets against a further rise in prices, just as the number of US oil rigs in operation hit its highest in over three years.

In Vietnam, the key index climbed 0.5 per cent to hit a fresh nine-year closing high.

PetroVietnam Drilling & Well Service Corp gained 6.9 per cent, while PetroVietnam Gas Joint Stock Corp rose 0.5 per cent.

“We observe that the money flow in the stock market is quite strong at the moment,” said Tran Minh Hoang, chief economist of Vietcombank Securities.

Thai shares rose 0.2 per cent to hit a more than two-month closing high.

IRPC climbed 2.9 per cent, while PTT Exploration and Production rose 0.6 per cent.

Financial markets in Singapore, Malaysia, Indonesia and the Philippines were closed for Eid al Fitr, which marks the end of the Islamic holy month of Ramadan.

In Asia, MSCI’s broadest index of Asia- Pacific shares outside Japan advanced 0.6 per cent. — Reuters