Energy, bank stocks pull markets down

May 23, 2016 | 16:23

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Vietnamese shares continued to fall this morning on both local exchanges as energy stocks were hit by the recent decline in oil prices.

Local markets continued to decline this morning as investor confidence remained low and oil prices slid further. - Photo vietnamplus.vn

The benchmark VN Index on the HCM Stock Exchange decreased by 0.2 per cent to close at 613.83 points and the HNX Index on the Ha Noi Stock Exchange fell 0.3 per cent to end at 81.53 points.

Investor confidence struggled after oil prices extended their fall and on expectations of a rate hike in June by the US central bank.

As a result, energy and bank stocks were trading in the negative territory this morning.

Among the energy firms, large-cap stocks such as PetroVietnam Gas Corp (GAS), PetroVietnam Mud Drilling and Well Service Corp (PVC) and PetroVietnam Drilling and Well Service Corp (PVD) slid further.

In the banking sector, investors witnessed a declining trend in Vietcombank (VCB), Asia Commercial Bank (ACB), Vietinbank (CTG) and Sai Gon-Ha Noi Bank (SHB).

Investors were attracted to small and medium-cap stocks, such as property developer FLC Group (FLC) and Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC).

Both local markets traded more than 83 million shares worth VND1.36 trillion (US$60.5 million).

VNS

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