Sunday, December 4 2016

VietNamNews

Low oil prices drag on VN stocks

Update: January, 22/2016 - 08:42

The benchmark VN Index on the HCM Stock Exchange fell 1.4 per cent to close at 521.88 points and the HNX Index on the Ha Noi Stock Exchange lost 1.2 per cent to end at 73.06 points. — Photo TNCK

HA NOI (VNS) — Vietnamese shares dropped for a second day and a sixth session in seven as energy stocks extended losses amid lower global oil prices.

The benchmark VN Index on the HCM Stock Exchange fell 1.4 per cent to close at 521.88 points and the HNX Index on the Ha Noi Stock Exchange lost 1.2 per cent to end at 73.06 points.

The southern index has dropped 2.6 per cent and the northern index has declined by 1.7 per cent in the last two sessions.

The energy sector plunged again after global oil prices slid further. US benchmark crude West Texas Intermediate (WTI) lost 1.3 per cent to trade at US$27.99 a barrel and London-traded Brent crude fell 1 per cent to trade at $27.61 a barrel.

Viet Nam's biggest energy stock, PetroVietnam Gas Corporation (GAS), dropped 2.3 per cent, PetroVietnam Drilling and Well Services Corporation (PVD) slumped 5.7 per cent, and Petroleum Equipment Assembly and Metal Structure JSC (PXS) slipped 6.3 per cent.

In addition, investor sentiment was also undermined by another slide in Asian stocks following a sell-off in US stock markets as fears of a slowdown of China's economy sent Japanese stocks down 2.4 per cent and Chinese stocks falling 3.2 per cent.

The biggest Vietnamese banks, such as Vietcombank (VCB), the Bank for Investment and Development of Viet Nam (BID), and Vietinbank (CTG), also fell. These stocks were down 1.5 per cent, 6.5 per cent and 3 per cent, respectively.

Leading stocks in other sectors such as the insurance sector, the construction sector and the brokerage sector also declined.

Insurer Bao Viet Holdings (BVH) lost 1.5 per cent, construction firm Refrigeration Electrical Engineering Corporation (REE) fell 1.7 per cent, and HCM Securities Corporation (HCM) decreased by 2.3 per cent.

The market trading value yesterday was VND2.3 trillion ($102.8 million) with more than 196 million shares, a slight increase from Wednesday's figures. — VNS

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