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Stocks slump further on lower crude prices
Vietnamese shares dropped sharply this morning on both local bourses, led by energy stocks.
The benchmark VN Index on the HCM Stock Exchange fell 3.2 per cent to close at 525.68 points, and the HNX Index on the Ha Noi Stock Exchange lost 3.1 per cent to end at 73.08 points.
The energy sector index lost 3.2 per cent as crude fell to fresh 12-year lows after trade sanctions imposed on Iran -- one of the leading oil exporters -- over its nuclear development programme were lifted on Saturday.
American benchmark crude West Texas Intermediate (WTI) lost one per cent to trade at US$29.13 a barrel, and London-trade Brent crude declined by 1.1 per cent to trade at $28.63 a barrel.
Among the losing energy stocks, PetroVietnam Gas Corporation (GAS) slumped 6.4 per cent, PetroVietnam Drilling and Well Services Corporation (PVD) lost five per cent and fuel dealer Petrolimex Gas Corporation (PGC) fell 4.7 per cent.
Meanwhile, investor confidence in the global markets remained low, putting pressure on local stocks such as dairy firm Vinamilk (VNM), food and beverage producer Masan Group (MSN), insurance firm Bao Viet Holdings (BVH) and Vietcombank (VCB), which lost 2.5 per cent, 0.7 per cent, 3.8 per cent and 4.2 per cent, respectively.
The stock market saw more than 94 million shares being traded this morning, worth VND1.66 trillion ($73.7 million).
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