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VN stocks down on oil prices after Doha talk
Vietnamese shares fell sharply on both local markets yesterday as energy stocks suffered from recent falls in oil prices.
The benchmark VN Index on the HCM Stock Exchange slumped 2 per cent to finish at 568.28 points, ending a two-day gain of 0.3 per cent.
The HNX Index on the Ha Noi Stock Exchange dropped 1 per cent to end at 79.42, extending losses of 1.1 per cent for a second day.
Recent declines in global crude prices pulled markets down, especially after some countries in the Organisation of Petroleum Exporting Countries (OPEC), such as Saudi Arabia, and non-OPEC producers, such as Russia, failed to reach an output-freeze agreement on Sunday.
However, crude prices showed signs of brief recovery as a strike in Kuwait temporarily cut the country's production and eased investors' concerns over a global glut.
US crude West Texas Intermediate (WTI) bounced 1.6 per cent to trade at US$40.62 a barrel from a four-day slump of 5.7 per cent, while London-traded Brent crude rebounded 2 per cent to trade at $43.77 a barrel after it fell 4 per cent in the same period.
On the local markets, all large-cap energy stocks retreated from gains made last week.
PetroVietnam Gas Corp (GAS) lost 4.4 per cent and PetroVietnam Technical Service Corp (PVS) was down 2.5 per cent, while PetroVietnam Coating Corp (PVB), PetroVietnam Mud Drilling Corp (PVC) and PetroVietnam Drilling and Well Service Corp (PVD) slipped between 5.1 per cent and 5.5 per cent.
"Local markets faced the strongest profit-taking activity in blue chips since January, as investor confidence was low due to a lack of supporting news on the markets," Sai Gon-Ha Noi Securities Corp (SHS) wrote in its daily report.
Blue chips also started to decline as they made gains last week, such as insurer Bao Viet Holdings (BVH), Vietcombank (VCB) and property developer Vingroup JSC (VIC).
BVH slid 2.9 per cent after gaining 4 per cent last week, VIC slumped 4.4 per cent after it surged 9.5 per cent, VCB inched down 0.2 per cent from a rise of 2.7 per cent.
Brokerage firms also made losses. HCM City Securities Corp (HCM) fell 5 per cent, Saigon Securities Inc (SSI) was down 1.4 per cent, and VNDirect Securities Corp (VND) decreased by 1.7 per cent.
Both local markets traded nearly 199 million shares worth nearly VND2.9 trillion ($128.8 million), a decrease of 6.3 per cent from last week's daily trading value.
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