Trade war fears cast shadow over local market

Friday, May 24, 2019 12:42

Vietnamese shares slid on Friday morning as concerns about the US-China trade war continued casting  a shadow over global markets. — Photo

Vietnamese shares edged down on Friday morning, dragged by petroleum firms on fears of a US-China trade war.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange fell 0.48 per cent to close at 978.01 points.

The VN-Index dropped, losing a total 0.45 per cent in the previous three trading days.

The HNX-Index on the Ha Noi Stock Exchange dropped 0.58 per cent to end at 105.68 points.

The northern market index gained 0.16 per cent on Thursday.

More than 88 million shares were traded on the two local exchanges, worth VND2 trillion (US$86.6 million).

Worries about the US-China trade war continued casting a shadow over the global markets.

Investors feared the escalation of the trade war would dampen global trade, thus cutting demand for oil.

Petro stocks underperformed on Friday morning, pulling the energy and mining sector index down 1.3 per cent, data on showed.

Other sectors that also declined included banking, real estate, insurance, and food and beverages.

On the opposite side, technology, retail and construction were among the sectors that cushioned the stock market.

The afternoon trading session starts at 1pm. — VNS

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