Energy stocks drive markets down

Wednesday, May 04, 2016 15:39


Local markets were pulled down from last week's gains as energy stocks declined on lower oil prices. — Photo



HA NOI (Biz Hub) — Vietnamese shares declined on both local markets this morning as energy stocks fell on lower oil prices.

The benchmark VN Index on the HCM Stock Exchange dropped 0.3 per cent to close at 596.66 points and the HNX Index on the Ha Noi Stock Exchange declined 0.7 per cent to end at 80.13 points.

The energy industry turned into negative territory this morning after a four-day break as global crude prices extended losses for a fourth day, following this year's highest-ever price on Thursday.

London-traded Brent crude was down 0.2 per cent to trade at US$44.89 per barrel, falling 6.8 per cent in the last four sessions.


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Local energy stocks slumped more than 3 per cent, including PetroVietnam Gas Corp (GAS), PetroVietnam Technical Service Corp (PVS) and PetroVietnam Drilling and Well Service Corp (PVD).

Blue chips retreated from the gains made last week.

Insurer Bao Viet Holdings (BVH) decreased by 2.5 per cent, Vietcombank (VCB) was down 0.7 per cent and Bank for Investment and Development of Viet Nam (BID) lost 1.1 per cent.

Both local markets traded more than 102.5 million shares worth VND1.6 trillion ($71.3 million). — VNS

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