Shares volatile, energy sector down on crude prices

Monday, Oct 10, 2016 12:35

Local shares ended in mixed directions this morning while a two-day decline of crude prices kept undermining the energy sector. — Photo Vietnamplus

HA NOI (Biz Hub) — Shares were volatile in the early trading session, while the energy sector declined on the continuous fall of global crude prices.

The benchmark VN Index on the HCM Stock Exchange fell 0.2 per cent to close at 682.33 points and the HNX Index on the Ha Noi Stock Exchange struggled to inch up 0.1 per cent to end at 85.38 points.

Oil and gas producers were the worst decliners this morning as they suffered following a continuous two-day decline of global crude prices, which ran into profit-taking on Friday after reaching a four-month high last week.

US crude West Texas Intermediate (WTI) and London-traded Brent crude were down 0.8 per cent each, extending a two-day fall of 2.1 per cent and 1.8 per cent, respectively.

Among local energy firms, PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Services Corp (PVD) and PetroVietnam Technical Services Corp (PVS) dropped between 1.6 per cent and two per cent.

Financial-banking stocks declined after a positive trading week, including those that made advances last week, such as Vietcombank (VCB), Bank for Investment and Development of Viet Nam (BID), insurer Bao Viet Holdings (BVH) and Sai Gon Securities Inc (SSI).

Steelmakers such as Hoa Phat Group (HPG) and Hoa Sen Group (HSG) remained in the negative territory after Australia, Thailand and the United States announced they would impose anti-dumping tax on Vietnam-made steel products.

Both local exchanges traded more than 87.5 million shares worth nearly VND1.18 trillion (US$52.4 million). — VNS

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