VN shares fall as oil prices slump further
VN shares fall as oil prices slump further
Vietnamese shares fell on both local markets this morning, as lower oil prices hurt energy stocks.
The benchmark VN Index on the HCM Stock Exchange dropped 1.1 per cent to close at 568.20 points, and the HNX Index on the Ha Noi Stock Exchange fell 1.3 per cent to end at 77.70 points.
Energy firms fell after the American benchmark crude West Texas Intermediate (WTI) declined sharply by 5.5 per cent to trade at US$33.98 a barrel.
PetroVietnam Gas Corporation (GAS) fell 1.9 per cent, PetroVietnam Drilling and Well Services Corporation (PVD) dropped 5.7 per cent and PetroVietnam Technical Services Corporation (PVS) slid 5.6 per cent.
In addition, financial firms contributed to the market fall after Viet Nam's central bank weakened the Vietnamese dong by VND12 this morning.
Among banks, Vietcombank fell 1.2 per cent, the Bank for Investment and Development of Vietnam (BID) dropped 2.5 per cent and Vietinbank (CTG) was down 1.1 per cent.
Other declining financial firms were insurer Bao Viet Holdings (BVH) and brokerage Sai Gon Securities Incorporate (SSI), which fell 1.9 per cent and 1.4 per cent, respectively, from yesterday's values.
Large-cap stocks that fell included dairy producer Vinamilk (VNM), which was down 1.6 per cent.
Both exchanges traded more than 82 million shares, worth VND1.28 trillion ($57 million).
