Energy, bank shares pull down markets
Energy, bank shares pull down markets
Shares slipped again on Wednesday morning as investors remained cautious after the market's four-day losing streak and with no good business news to boost their confidence.
The benchmark VN Index on HCM Stock Exchange lost 0.4 per cent to close at 673.49 points, while the HNX Index on Ha Noi Stock Exchange fell 0.7 per cent, ending at 82.28 points.
The VNXAll Index, the common stock index between HCM City and Hà Nội bourses, dropped another 0.5 per cent to temporarily stand at 979.56 points.
The energy and banking/finance sectors slipped the most in early trading. Oil and gas producers suffered after a slight rebound on Tuesday, as crude prices returned to negative territory in overnight trading after market speculations said Russia would not join OPEC for an output curb.
London-traded Brent Crude closed Tuesday at US$50.79 a barrel, down 1.3 per cent from Monday, while US crude West Texas Intermediate fell 1.1 per cent to end near $50 a barrel.
Among local energy producers, PetroVietnam Gas Corp (GAS) was down 0.4 per cent, and PetroVietnam Coating Corp (PVB) slumped 3.1 per cent.
Banks continued to perform below market expectations, with seven of nine listed bank stocks falling between 0.3 per cent and 3.6 per cent in early trading, including Vietcombank (VCB), Vietinbank (CTG) and Sai Gon-Ha Noi Bank (SHB).
The cautious sentiment also kept market trading liquidity low compared to the previous days, with more than 72 million shares worth VND983.5 billion ($43.7 million) being traded.
