Energy stocks drive down VN-Index

Friday, Nov 27, 2015 12:27

The benchmark VN-Index inched down 0.02 per cent to close at 590.31 points. — VNS Photo Doan Tung

HA NOI (Biz Hub) — Shares inched lower this morning on the HCM Stock Exchange, despite a positive opening, driven by the slump of energy stocks.

The benchmark VN-Index inched down 0.02 per cent to close at 590.31 points.

The stocks under the PetroVietnam family, such as PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD), Petrovietnam Transportation (PVT) and PetroVietnam Technical Services (PVS), besides PetroVietnam Drilling Mud (PVC), fell less than one per cent.

The global oil prices dropped yesterday after a six-day rally, following fears of escalating tensions in the Middle East and global oversupply. Brent crude fell 71 cents to touch US$45.46 per barrel, increasing its loss to more than eight per cent since the beginning of November.

Though dairy giant Vinamilk (VNM) and software producer FPT Corp (FPT) recovered this morning, other large-cap stocks such as Vietcombank (VCB), Sacombank (STB), Eximbank (EIB) and insurer Bao Viet Holdings (BVH), besides real estate's VinGroup (VIC) tumbled, dragging down the Index.

More than 64 million shares, worth VND1.1 trillion ($49.1 million), were traded on the HCM City market this morning.

In contrast, the HNX-Index on the smaller bourse in Ha Noi was up 0.41 per cent to end at 82.24 points. However, liquidity remained modest, with nearly 40 million shares worth VND326 billion ($14.6 million) being exchanged.

The afternoon session will start at 1pm. — VNS

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