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Oil, gas losses drag down VN-Index

Update: September, 24/2014 - 07:59

On the Ha Noi Stock Exchange, the HNX-Index also slumped 0.54 per cent to close at 87.75 points, driven down by blue chips.— Photo tuoitre

HA NOI (VNS) — The VN-Index unexpectedly closed lower than it opened yesterday afternoon, despite staying green for most of the trading time. Losses of oil and gas shares were the main drag.

PV Gas (GAS), the biggest stock on the HCM Stock Exchange in terms of market value, dropped 3.54 per cent to VND109,000 (US$5.17) a share. Other oil- and gas-related stocks, such as Petroleum Industrial & Civil Construction (PXI), Petroleum Equipment Assembly & Metal Structure (PXS), and Petroleum Pipeline and Tank Construction (PXT), fell to the floor prices which were capped at 7 per cent a day.

Consequently, the VN-Index slid 0.25 per cent, closing the session at 610.39 points. It is the lowest close in the past month, despite the gainers outnumbering the losers by 120-91.

Seventeen of the top 30 shares – in terms of market value and liquidity – advanced while seven declined. The VN30 added 0.78 per cent, ending at 658.31 points.

Compared with the previous session, liquidity barely changed. It totalled 144.4 million shares worth VND2.83 trillion (over $134 million).

SACOM Development and Investment Corp (SAM), a telecommunication equipment maker, replaced FLC Group (FLC) to become the most active stock yesterday with 12.7 million shares traded. The share price climbed 5.79 per cent to finish at VND12,800 ($0.61) a share.

FLC came second with 11.7 million shares traded, rising 0.86 per cent to settle at VND11,700 a share.

On the Ha Noi Stock Exchange, the HNX-Index also slumped 0.54 per cent to close at 87.75 points, driven down by blue chips.

The HNX30, which tracks the top 30 shares with the highest market value and liquidity, slipped 0.89 per cent to end at 179.58 points.

Liquidity remained high, with 75.3 million shares worth more than VND1.1 trillion ($52.1 million) exchanged by the end of the session.

PetroVietnam Construction Corp (PVX) led the market in terms of volume with 7 million shares, climbing 1.64 per cent to finish at VND6,200 a share.

Foreign investors were net buyers on the two markets yesterday, picking shares worth a combined VND228.3 billion ($10.8 million). — VNS

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