Oil prices hit three-month low, pull down markets
Oil prices hit three-month low, pull down markets
Vietnamese shares fell further in the early session, as a three-month low in oil prices sharply pushed down energy stocks.
The benchmark VN Index on the HCM Stock Exchange dropped 0.6 per cent to close at 645.26 points.
The HNX Index on the Ha Noi Stock Exchange declined by 0.7 per cent to end at 83.40 points.
The energy sector was the worst hit, with the oil prices hitting a three-month low.
London-traded Brent crude ended Monday at US$44.72 a barrel, down 2.1 per cent from the previous week's close and down 5.2 per cent in three sessions.
Local oil stocks that fell included PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Mud Drilling Corp (PVC).
GAS plunged 4.8 per cent, PVD slumped 3.8 per cent and PVC decreased by three per cent.
Blue chips on both local exchanges continued their losing streaks.
Consumer goods producer Masan Group (MSN) fell 1.5 per cent, property developer Vingroup JSC (VIC) dropped one per cent, Viet Nam Construction and Import-Export JSC (VCG) slid 2.7 per cent and Sai Gon-Ha Noi Bank (SHB) slipped 1.6 per cent.
Trading liquidity remained low. Investors traded more than 72 million shares, worth VND1.16 trillion ($51.6 million).
