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Gas firms and banks drive down market
Gas firms and banks drove Vietnamese shares down this morning.
The VN Index fell 2.68 per cent to stand at 551.49 points, while the HNX Index lost 2.63 per cent to finish at 76.48 points at the end of the early trading session.
The market received negative reports about the suspension of DongA Bank's director-general and deputy director-general by the State Bank of Vietnam.
As a result, all bank shares fell, especially Vietcombank (VCB), Vietinbank (CTG) and Saigon-Ha Noi Bank (SHB) - the largest losers - with losses of 2.56, 4.66 and 5.48 per cent, respectively.
The global oil prices continued to fall. The Brent crude price fell to US$46.62 per barrel, making energy firms extend their losses further.
Gas firms suffered the largest losses. Petrovietnam Gas Corp. (GAS), Petrovietnam Drilling and Well Service Corp. (PVD) on the southern bourse and PetroVietnam Coating Co. (PVB), Petroleum Technical Services Corporation (PVS) lost 6.37, 5.24, 4.69 and five per cent, respectively.
In addition, investor confidence remained low following the issue of instructions for Decree 60 by the State Securities Commission and possible changes in the Vietnamese dong.
Large-cap shares such as Viet Nam Dairy Products JSC (VNM), Vingroup JSC (VIC), Ma San Group Corporation (MSN) and Bao Viet Holdings (BVH) also suffered losses.
Both bourses traded a total of 162.4 million shares, worth VND2.36 trillion ($105.3 million), at the end of this morning.
The afternoon session will start at 1pm.
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