VN stocks post biggest loss in three weeks as US crude plunges

Tuesday, Apr 21, 2020 12:27

Oil wells in Luling, Texas, US. Vietnamese energy stocks dampened on Tuesday morning after US crude traded below US$0 a barrel Monday night. — XINHUA/VNA Photo

Vietnamese shares posted the biggest daily loss in three weeks after US crude dropped to near US$0 a barrel.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange dived 3.30 per cent to end Tuesday morning at 768.70 points.

It was the index’s biggest daily loss since March 30 when it tumbled 4.86 per cent.

The VN-Index had gained a total of 4.88 per cent in the previous six straight days since April 13.

The HNX-Index on the Ha Noi Stock Exchange plunged 4.26 per cent – the worst fall since March 9 – to close the morning session at 105.01 points.

The northern market index fell 0.71 per cent on Monday.

More than 285 million shares were traded on the two local exchanges, worth VND3.96 trillion ($168.4 million).

Local stocks were hit hard as investors panicked after US crude West Texas Intermediate (WTI) slumped 306 per cent to finish Monday at negative $37.63 a barrel.

It was up 104 per cent to trade at $1.55 a barrel on Tuesday. Investors worried lockdowns and travel restrictions will be extended and hammer economic recovery.

Hampered by the sharp decline of US crude, the mining and energy sector index on the Vietnamese market dipped 5 per cent, according to

PetroVietnam Gas (GAS) lost 6 per cent, PetroVietnam Mud Drilling (PVC) plunged 8.9 per cent, and PetroVietnam Technical Services (PVS) and PetroVietnam Drilling and Well Services (PVD) dived 7.8 per cent and 6.9 per cent, respectively.

Other sectors such as retail, banking, brokerage, and technology also traded in the negative territory.

The afternoon trading session starts at 1pm. — VNS

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