Lower oil prices push investor confidence down

June 13, 2016 | 13:56

(0) user say

Vietnamese shares were down in the early trading session led by energy firms on lower oil prices.

Vietnamese shares lose in the early trading session led by energy firms on lower oil prices.-Photo cafef.vn

The benchmark VN Index on the HCM Stock Exchange dropped 0.8 per cent to end at 625.09 points.

The HNX Index on the Ha Noi Stock Exchange edged down 0.4 per cent to close at 84.47 points.

Energy firms weighed on investor confidence over decreasing profits this year, as oil prices extended losses from the eight-month high of over US$50 per barrel.

PetroVietnam Drilling and Well Services Corp (PVD), Petroleum Equipment Assembly and Metal Structure JSC (PXS), PetroVietnam Coating Corp (PVB) and PetroVietnam Mud Drilling Corp (PVC) were among the biggest decliners.

In addition, stocks that are expected to be sold by foreign investment fund VanEck Vectors Vietnam ETF also saw big falls in the morning.

Those stocks included car-part distributor Hong Huy Investment Services JSC (HHS), property firm and retailer Vingroup JSC (VIC), PetroVietnam Power Nhon Trach 2 JSC (NT2) and PetroVietnam Technical Services Corp (PVS).

These codes fell between 5.9 per cent, 1.9 per cent, 1.3 per cent and 2.5 per cent, respectively.

Both local markets traded more than 105.6 million shares worth nearly 1.65 trillion ($73.3 million).

VNS

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional