Markets slump as bank and oil stocks lose steam
Markets slump as bank and oil stocks lose steam
The local stock market underwent a downward correction on Tuesday morning as banking and oil stocks lost ground.
The benchmark VN-Index on the HCM Stock Exchange fell 0.33 per cent to close at 974.83 points.
The HNX-Index on the Ha Noi Stock Exchange plunged 0.40 per cent to end at 110.02 points.
More than 116 million shares were traded on the two bourses, worth VND2.4 trillion (US$104.5 million).
Local stocks were hit by profit-taking pressure after making significant gains in previous sessions.
Banking, securities and mining were the worst-performing industries among the 20 sectors on the stock market, data on vietstock.vn showed.
Financial stocks underwent a downward correction after gaining on Monday, with decliners including Asia Commercial Joint Stock Bank (ACB), Joint Stock Bank of Investment and Development (BID), HDBank (HDB), Techcombank (TCB) and Vietcombank (VCB).
Negative movements of world oil prices led to a slump in oil stocks, including Petro Vietnam Gas JSC (GAS), PetroVietnam Drilling & Well Services Corporation (PVD), Drilling Mud Joint Stock Corporation (PVC) and PetroViet Nam Coating JSC (PVB).
World crude oil prices decreased on Monday after OPEC forecast lower demand for crude next year and Saudi Arabia reduced output in July.
On Monday, the prices of WTI crude oil dropped 43 cents to $67.2 per barrel. Brent crude oil edged down 0.47 per cent to trade at $72.47 per barrel.
The afternoon trading session starts at 1pm.
