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VN stocks extend losses on lower oil prices
Vietnamese shares continued to drop this morning on both local exchanges as energy stocks fell again, coming under pressure from a slump in global oil prices.
The benchmark VN Index on the HCM Stock Exchange lost 0.4 per cent to close at 534.46 points, and the HNX Index on the Ha Noi Stock Exchange was down 0.7 per cent to end at 75.32 points.
Investors tried to get out of energy stocks as quickly as they could after global oil prices declined yesterday to near US$30 a barrel.
American benchmark crude West Texas Intermediate (WTI) fell 5.5 per cent to close Tuesday's trading at $29.88 a barrel, and London-traded Brent crude dropped 4.4 per cent to close at $32.72 a barrel.
PetroVietnam Gas Corporation (GAS), PetroVietnam Drilling and Well Services Corporation (PVD) and Petroleum Equipment Assembly and Metal Structure JSC (PXS) were among the energy stocks that fell this morning.
Banks and insurers continued to fall amid the possibility of a weaker Vietnamese dong, as the global economy showed signs of slow recovery.
These stocks included insurance firm Bao Viet Holdings (BVH), Vietcombank (VCB), the Bank for Investment and Development of Vietnam (BID) and Vietinbank (CTG).
The market liquidity was low, as investors tended to hold their money and avoid making investments before the Tet holiday.
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