VN shares fall on declining oil prices
VN shares fall on declining oil prices
Vietnamese shares extended losses for a second session on both local exchanges yesterday as local energy stocks fell amid declining global oil prices.
The benchmark VN Index on HCM Stock Exchange fell 0.3 per cent to close at 610.66 points and the HNX Index inched down 0.1 per cent to end at 81.42 points.
The US benchmark crude West Texas Intermediate (WTI) lost 5 per cent and the Brent crude dropped 4.2 per cent to trade at US$44.29 and $47.42 a barrel last week.
The local energy stock index, made up of PetroVietnam Gas Corporation (GAS), PetroVietnam Drilling & Well Services Corporation (PVD) and PetroVietnam Coating JSC (PVB), lost 1.4 per cent, according to Bao Viet Securities Corporation (BVSC).
Among these stocks, GAS dropped 1.1 per cent, PVD was down 1.4 per cent and PVB fell 2.5 per cent.
In addition, the market declined as investors raised their selling activity to earn profits after the benchmark VN Index inched up 0.8 per cent last week to stand at 612.4 points, BVSC wrote in its report.
Their selling activity focused on some big stocks, including Vinamilk (VNM), FPT Corporation (FPT) and Bao Viet Holdings (BVH), which fell after making gains during last week.
VNM fell 1.6 per cent yesterday after it had gained 10.3 per cent over the four days of last week, FPT dropped 1.9 per cent after it jumped 8.5 per cent and BVH lost 3.2 per cent following an increase of 10.2 per cent.
These three stocks were also the biggest reasons that made their sectors fell from Friday. VNM pulled the food and beverage sector down 1.2 per cent, FPT dragged the information technology sector down 1 per cent and BVH drove the insurer sector down 2.7 per cent.
The two local bourses traded more than 164 million shares, worth VND2.59 trillion ($115.2 million), a decrease of 8.4 per cent from last week's average trading value.
