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Spiralling oil prices hit stocks

Update: December, 12/2014 - 08:50

A slump in the fortunes of oil and gas companies following the OPEC's forecast of lower oil demand for next year and further decline in global oil prices once again dragged the stock market down yesterday. — Photo vietstock

HA NOI (VNS) — A slump in the fortunes of oil and gas companies following the OPEC's forecast of lower oil demand for next year and further decline in global oil prices once again dragged the stock market down yesterday.

PV Gas (GAS), PetroVietnam Technical Services (PVS), PetroVietnam Drilling and Wells Service (PVD) and PetroVietnam Drilling Mud Co (PVC) slipped between 4–6 per cent.

"Late rally in Wednesday's session did not repeat yesterday as buying power waned under rising investor cautiousness. Oil price plunges hit stocks again," Nguyen Viet Hung, a Ha Noi-based independent analyst, said.

On the HCM City Stock Exchange, the VN-Index lost over 7 points, or 1.27 per cent, at the end of the session, recording a six-month low of 550.11 points.

Losses extended to blue chips, which caused a 0.98 per cent decrease of the VN30. This tracked the top 30 shares based on market value and liquidity.

The market condition was negative with 147 codes tumbling, 70 rising and 90 going flat.

Liquidity continued to slide with the market volume down 20 per cent from the previous session, totaling 96 million shares, while the value of trades dropped 10 per cent to reach VND1.674 trillion (US$78.6 million).

Ocean Group remained the most active stock by the end of the session, having traded 9 million shares. The share price rose 2.5 per cent to end at VND8,200 a share.

On the Ha Noi Stock Exchange, the HNX-Index also tumbled 0.96 per cent to finish at 84.40 points as the decliners were almost double than the number of advancers.

The trading volume here also reduced 20 per cent compared with Wednesday's figure, reaching 41.3 million shares, worth nearly VND714 billion ($33.5 million).

KLF Joint Venture Global Investment Co was the most heavily-traded stock with 7.6 million shares, but its price plunged 3.08 per cent and closed at VND12,600 per share.

Foreign investors continued to offload shares on the two markets, but the value of net sell dropped substantially to nearly VND28 billion worth of shares ($1.3 million). — VNS

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