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VN shares fall as oil prices slump
Vietnamese shares declined on both local markets as energy stocks fell on lower oil prices.
The benchmark VN Index on the HCM Stock Exchange dropped 0.2 per cent to close at 569.38 points, and the HNX Index on the Ha Noi Stock Exchange inched down 0.1 per cent to end at 80.19 points.
The energy sector declined after oil prices slid further later yesterday. American benchmark crude West Texas Intermediate (WTI) fell another 0.8 per cent to close trading at US$39.46 a barrel, extending a two-day loss of 4.8 per cent.
Among local energy companies, PetroVietnam Drilling and Well Service Corporation (PVD) lost 2.4 per cent, PetroVietnam Mud Drilling Corporation (PVC) fell 1.4 per cent, and Technical Service Corporation (PVS) was down 0.6 per cent.
The food and beverage sector also pulled down markets as dairy firm Vinamilk (VNM) and food producer Masan Group (MSN) dropped 0.7 per cent each.
Additionally, securities firms had a bad session. Sai Gon Securities Incorporation (SSI) was down 0.5 per cent, HCM City Securities Corporation (HCM) edged down 0.6 per cent, and VNDirect Securities Corporation (VND) decreased by 0.9 per cent.
However, some large-cap stocks helped local markets to avoid heavy losses such as Sacombank (STB), the Asia Commercial Bank (ACB), and property developers FLC Group (FLC) and Vingroup JSC (VIC).
Both local markets traded more than 104 million shares, worth VND1.45 trillion ($64.4 million).
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