Shares extend losses as energy firms sink
Shares extend losses as energy firms sink
Shares sank on the two markets this morning, led by energy firms, following a slump in global oil prices.
The benchmark VN-Index, the measure of 312 stocks on the HCM Stock Exchange, declined for the second day, down 0.2 per cent to close at 684.8 points. It was down 0.4 per cent yesterday.
On the Ha Noi Stock Exchange, the HNX-Index, tracking 379 stocks, decreased 0.5 per cent to 84.7 points. The index also lost 0.5 per cent on Thursday.
Large-cap stocks continued to perform negatively. Some 17 of the 30 largest stocks by market capitalisation slumped while only eight advanced.
Most of the oil and gas shares fell this morning after Brent crude decreased 2.45 per cent to US$51.38 per barrel and US light oil dropped 2.3 per cent to $50.43 per barrel.
The largest oil listed stocks -- PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD), PetroVietnam Technical Services (PVS) and Southern Gas (PGS) -- declined between 0.5 per cent and 1.5 per cent each.
On the other end of spectrum, steelmakers Hoa Phat Group (HGP), Hoa Sen Group (HSG) and securities shares, including Saigon Securities Inc (SSI) and HCM City Securities Co, gained value.
Overall market condition was negative with 233 of the total 692 stocks declining and 144 advancing.
A total of 94 million shares worth a combined VND1.4 trillion ($62.8 million) were traded on the two markets.
