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Dropping oil stocks push markets down
Shares shed value on Wednesday morning due to pressure from falling oil stocks affected by slumping global oil prices.
The VN-Index on the Ho Chi Minh Stock Exchange edged down 0.89 per cent to end the morning trading at 919.04 points.
It fell 0.69 per cent to end at 927.25 points on Tuesday.
On the Ha Noi Stock Exchange, the HNX-Index fell 0.22 per cent to 104.20 points.
The index fell 0.56 per cent to 104.42 points on Tuesday.
More than 115.7 million shares worth a combined VNĐ2.5 trillion (US$108 million) were traded on the two markets.
World oil prices are plummeting, hitting oil stocks. Brent futures fell by 6 per cent to $56.08 per barrel. US crude West Texas Intermediate (WTI) dropped 7.3 per cent to trade at $46.54 a barrel.
Firms that lost value in the oil group were PetroVietnam Drilling & Well Services Corporation (PVD), PetroVietnam Technical Services Corporation (PVS), PetroViet Nam Coating JSC (PVB), Viet Nam National Petroleum Group (PLX) and PetroVietnam Gas JSC (GAS).
Other large-cap stocks also slipped, including budget carrier Vietjet (VJC), dairy firrm Vinamilk (VNM), Vincom Retail (VRE), Techcombank (TCB) and Vietinbank (CTG).
Afternoon trading starts at 1pm.
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