Oil stocks drag markets down

Monday, Nov 26, 2018 12:40

Vietnamese shares dropped on the two local exchanges on Monday morning as energy firms were hit by declining oil prices. — Photo tinnhanhchungkhoan.vn

Vietnamese shares ended Monday morning on a negative note, dragged down by energy companies.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange was down 0.07 per cent to close at 917.33 points.

The HNX Index on the Ha Noi Stock Exchange fell 0.41 per cent to end at 103.84 points.

The two exchange indices gained a total 1.2 per cent each last week.

More than 70 million shares were traded across the two local exchanges, worth VND1.37 trillion (US$61 million).

Petroleum companies were the decisive factor that pulled the markets down following a sharp drop in oil prices at the weekend.

Brent crude plunged 6.1 per cent to finish last week at $58.80 a barrel, having fallen 32 per cent over two months.

Among local energy firms, PetroVietnam Gas (GAS) lost 2.1 per cent, while PetroVietnam Coating (PVB), PetroVietnam Mud Drilling (PVC) and PetroVietnam Technical Services (PVS) were down at least 1.6 per cent.

Negative sentiment also spread to other sectors such as insurance, finance and banking, pharmaceuticals and seafood processing.

On the two local exchanges, declining stocks outnumbered gainers by 220 to 144, while 95 other stocks ended flat.

The afternoon trading session starts at 1pm. — VNS

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