Plummeting global oil prices over the past month are hurting the stock prices of Vietnamese oil and gas companies, tinnhanhchungkhoan.vn reported on Wednesday.
PetroVietnam (PVN) has proposed the Ministry of Industry and Trade approve the reduction of its ownership in PetroVietnam Drilling and Well Services Corporation (PVD) from 50.4 per cent to 36 per cent.
PetroVietnam Drilling and Well Services Corporation (PV Drilling or PVD) has seen robust improvement in business activities when the price of crude oil increases and the oil drilling market becomes warmer.
Shares rose slightly this morning on the HCM Stock Exchange, led by the
oil and gas group, after global oil recorded the best week in the past
four months.
Three foreign funds bought 17.85 million shares of PetroVietnam
Drilling Services (PVD) in July last year and have since reported
profits of VND1.2 trillion (US$56.6 million).
A share sell-off in the afternoon trading dragged down the bench indices
but market liquidity improved as exchange-traded funds boosted trading
in the last day of their porfolio reviews yesterday.