Falling oil prices hit VN-Index

Investors follow transactions at Kim Eng Securities Company in HCM City. The VN-Index lost another 1.1 per cent to close the session at 566.58 points on the HCM City Stock Exchange. VNA/VNS Photo Hoang Hai

On the HCM City Stock Exchange, the VN-Index lost another 1.1 per cent to close the session at 566.58 points, while the VN30 finished down 0.72 per cent at 611.15 points.

Major large-cap shares tumbled, led by PV Gas (GAS), the biggest stock in terms of market value, and PetroVietnam Drilling and Wells Service Corp (PVD).

GAS fell 5.49 per cent to close at VND86,000 (US$4.04), while PVD dropped 6.21 per cent to end at VND75,500 ($3.54).

On the Ha Noi Stock Exchange, the three oil and gas stocks together with PetroVietnam Technical Services Corp (PVS) lost nearly 20 per cent of value in November, due to plunging global oil prices.

Slipping from VND106,000 ($4.98) in early November to VND86,000 ($4.04), GAS led the losers with market value evaporating by nearly VND38 trillion ($1.78 billion) in one month to VND165 trillion ($7.7 billion).

The market values of PVD and PVS fell VND5.6 trillion ($263 million) and VND3.4 trillion ($159.6 million), respectively.

Investment yesterday again focused on realty stocks following the news that the National Assembly has approved a new law to allow foreigners to buy property in Viet Nam.

Unsurprisingly, the three most active shares were in the real estate sector, led by FLC Group (FLC) with 19.5 million shares traded and leap in price of 2.5 per cent to close at VND11,700.

Tan Tao Investment Industry (ITA) followed with 10.6 million shares exchanged, rising 2.3 per cent to VND8,900, while Hoang Quan Consulting Trading Service Real Estate (HQC) closed with nearly 10 million shares traded, climbing 2.5 per cent to finish at VND8,100.

Total market volume jumped 20 per cent to over 146 million shares worth VND2.377 trillion ($111.6 million), up 25 per cent over Thursday's value.

On the Ha Noi Stock Exchange, the HNX-Index fell 0.65 per cent to close at 87.42 points, despite gainers outnumbering losers by 128-70.

Liquidity also improved with the trading volume and value rising over 30 per cent from the previous session, reaching nearly 78 million shares worth VND1.1 trillion ($51.6 million).

Property stock Sai Gon Thuong Tin Real Estate (SCR) was the most active in Ha Noi with 11.5 million shares changing hands, jumping 3.9 per cent to close at VND10,600.

Foreign investors continued to unload shares on both exchanges with a combined net selling value of nearly VND211 billion ($9.9 million).