Energy stocks pull down markets

Tuesday, Mar 15, 2016 13:35

Investors watch market fluctuations at BSC's trading floor. — VNS Photo Truong Vi

HA NOI (Bizhub) – Vietnamese shares fell on both local markets this morning as oil prices declined, pulling energy stocks down.

The benchmark VN Index on the HCM Stock Exchange dropped 0.4 per cent to close at 575.82 points, and the HNX Index on the Ha Noi Stock Exchange fell 0.3 per cent to end at 79.76 points.

The energy sector weighed on the markets after global crude prices retreated yesterday, as American stockpiles expanded and Iran refused to join the agreement on production freeze.

London-traded Brent crude yesterday lost 2.1 per cent to close trading at US$39.53 a barrel, and American benchmark crude West Texas Intermediate (WTI) slipped 3.4 per cent to close at $37.18 a barrel.

Among energy stocks, PetroVietnam Gas Corporation (GAS) fell 2.3 per cent, PetroVietnam Drilling and Well Service Corporation (PVD) dropped 2.7 per cent, and PetroVietnam Mud Drilling Corporation (PVC) slid 3.3 per cent.

Banks also pulled down both markets ahead of the American central bank's meeting. Vietcombank (VCB) inched down 0.3 per cent, the Bank for Investment and Development of Vietnam (BID) and Vietinbank (CTG) declined by 0.6 per cent each, and Sacombank (STB) was down one per cent.

Both local markets traded more than 127 million shares, worth VND1.74 trillion ($77.5 million). – VNS

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