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Energy stocks fall further
Vietnamese shares extended their losses on both local markets this morning, as energy stocks fell further on lower oil prices.
The benchmark VN Index on the HCM Stock Exchange lost 0.5 per cent to close at 538.14 points, and the HNX Index on the Ha Noi Stock Exchange was down 0.9 per cent to end at 75.58 points.
The energy sector index fell 2.7 per cent as oil prices dropped further on China's lower-than-expected industrial production figure for January and a record output announced by the Organisation of Petroleum Exporting Countries (OPEC).
American crude West Texas Intermediate (WTI) decreased by 2.2 per cent to trade at US$30.92 a barrel, and London-traded Brent crude declined by two per cent to trade at $33.56 a barrel.
Among local energy stocks, PetroVietnam Gas Corporation (GAS) slumped 5.1 per cent, PetroVietnam Drilling and Well Services Corporation (PVD) fell sharply by 6.5 per cent and PetroVietnam Technical Services Corporation (PVS) slipped 3.4 per cent.
In addition, Vietcombank (VCB) slid 0.5 per cent, Hoang Anh Gia Lai Agricultural JSC (HNG) slumped 6.9 per cent, and Hoang Anh Gia Lai JSC (HAG) – HNG's parent company – fell 2.4 per cent.
Market liquidity was low. Both local markets traded more than 62 million shares, worth VND834 billion ($37 million).
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