Shares remain volatile, pulled down by energy producers
Shares remain volatile, pulled down by energy producers
Shares struggled to end positive this morning as gains in speculative stocks covered losses that energy producers incurred on sliding crude prices.
The benchmark VN Index on the HCM Stock Exchange stayed flat at 682.53 points and the HNX Index on the Ha Noi Stock Exchange inched up 0.1 per cent to close at nearly 85 points.
One of the leading industries, the energy sector, continued to suffer from a slide in oil prices after the Organisation of Petroleum Exporting Countries reported its September production reached an eight-year high on Wednesday.Following the report, US crude West Texas Intermediate closed Wednesday at US$50.18 per barrel, down 2.3 per cent from Tuesday, while London-traded Brent crude slipped 2.5 per cent to $51.81 per barrel.
In the local market, PetroVietnam Gas Corp (GAS) edged down 0.6 per cent, PetroVietnam Drilling and Well Services Corp (PVD) slid 1.4 per cent and PetroVietnam Technical Services Corp (PVS) dropped 0.9 per cent.
Top financial-banking stocks were also in the negative. Vietcombank (VCB), Bank for Investment and Development of Viet Nam (BID) and insurer Bao Viet Holdings (BVH) were down between 0.1 per cent and 0.7 per cent each.
Although market sentiment was weak, strong investment in speculative stocks helped cover some losses, including real estate companies that remained attractive and made good gains.
These stocks included FLC Group (FLC) and Tan Tao Investment and Industry Corp (ITA).
Nearly 89 million shares were traded across the board, worth VND1.27 trillion ($56.5 million).
