Oil prices, profit-taking send VN stocks down
Oil prices, profit-taking send VN stocks down
Shares declined slightly in both markets on Wednesday morning as energy stocks slipped on falling oil prices and others dropped because of profit-taking.
The benchmark VN Index on the HCM Stock Exchange ended almost flat at 701.85 points, lower than Tuesday’s closing level of 701.91 points.
The HNX Index on the Hà Nội Stock Exchange inched down 0.2 per cent to close at 85.04 points. It had ended Tuesday at 85.23 points.
The energy sector pushed the stock market down as crude declined for the third session in a row. US crude WTI slid 1.1 per cent to trade at $51.59 a barrel, totalling a three-day loss of 4.2 per cent. Brent crude was down 0.8 per cent to trade at $54.63 a barrel.
Among local energy stocks, PetroVietnam Gas Corp (GAS) fell 0.5 per cent, while PetroVietnam Technical Services Corp (PVS) decreased by 1.1 per cent.
Bank stocks were negative with Bank for Investment and Development of Viet Nam (BID), Asia Commercial Bank (ACB), Eximbank (EIB) and Vietinbank (CTG) all suffering losses.
Property developer Vingroup (VIC) inched down 0.1 per cent after a two-day gain of 1.9 per cent.
Market trading liquidity remained low with around 115 million shares worth VND1.64 trillion (US$73.1 million) being traded.
