Shares dropped on Tuesday morning due to the poor performance of oil stocks.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange dropped 0.32 per cent to close at 970.98 points.

The HNX-Index on the Ha Noi Stock Exchange was down 0.79 per cent to end at 100.06 points.

Nearly 93.9 million shares were traded on the two local exchanges, worth VND2.2 trillion (US$94 million).

The large-cap VN30-Index lost 0.23 per cent to end at 883.57 points with 18 of the 30 largest stocks by market capitalisation declining while 7 gaining.

Large-cap stocks were hit strongly. Tien Phong Bank (TPB) plunged 4.5 per cent to VND21,150 per share. Bao Viet Holding (BVH) decreased by 1.6 per cent to VND73,800 per share. Phu Nhuan Jewellery (PNJ) lost 2 per cent to VND78,800 per share.

Oil and gas stocks including PetroVietnam Technical Services (PVS), . PetroVietnam Drilling and Well Services Corporation (PVD), PetroVietnam Construction Corporation (PVC) and PetroViet Nam Coating JSC (PVB) all fell sharply. PVS dropped by 3 per cent to VND19,600 dong per share. PVD decreased by 2.2 per cent to VND17,400 per share. PVB lost by 3.4 per cent to VND19,900 per share.

Insurance, securities, retail, construction, logistics, food and beverage, real estate, information and technology, energy, agriculture, construction materials and seafood processing were the worst-performing industries.

The afternoon trading session starts at 1pm. — VNS