Stocks extend loss for third day
Vietnamese shares extended losses for a third day on January 15 as global crude prices fell to fresh twelve-year lows, hurting energy stocks.
Traders at VNDirect Securities Company's trading floor. (Photo: VNA)Hanoi (VNA) - Vietnamese shares extended losses for a third day on January 15 as global crude prices fell to fresh twelve-year lows, hurting energy stocks.
The benchmark VN Index on the HCM Stock Exchange dropped 1.8 percent to close at 543.04 points. The southern index has dropped 3.8 percent in the last three days.
The northern HNX Index on the Hanoi Stock Exchange fell 0.4 percent to finish at 75.39 points, extending a two-day loss to 1.7 percent.
The energy sector index dropped 0.8 percent after crude prices set new twelve-year lows yesterday. US benchmark crude West Texas Intermediate (WTI) lost 5.1 percent to trade at 29.70 USD a barrel, while the London-traded Brent crude fell 4 percent to trade at 29.71 USD a barrel.
Local energy stocks fell, including PetroVietnam Gas Corporation (GAS), which inched down 0.3 percent, PetroVietnam Drilling and Well Services Corporation (PVD), which fell 1.3 percent, and fuel dealer Petrolimex Gas Corporation (PGC), which was down 1.9 percent.
Investor confidence was also undermined by further losses in Asian stocks following data showing a decrease in Chinese bank lending in December.
As a result, investors put heavy selling pressure on large-cap stocks, including dairy firm Vinamilk (VNM), which was down 0.8 percent, food and beverage producer Masan Group (MSN), which slumped 5.4 percent, and property developer Vingroup JSC (VIC), which fell 1 percent.
Financial firms also helped pull the market down. Insurer Bao Viet Holdings (BVH) slid 3.5 percent, Vietcombank (VCB) slipped 2.9 percent, and the Bank for Investment and Development of Vietnam (BID) declined by 3.8 percent.
The same day, Vietnam's central bank raised the reference mid-point rate for its exchange trading band by 10 VND to 21,917 VND per dollar. However, local banks traded the dollar at lower rate than the day before. For instance, Vietcombank traded the dollar at 22,460 VND, a decrease of 20 VND.
The stock market traded nearly 172 million shares worth 2.2 trillion VND (98.4 million VND), a decrease of 19 percent from the day before and lower than last year's average daily trading value of 111 million USD.-VNA
You should also see
InfographicVietnam tops Asia-Pacific in workplace wellness
Workplace well-being is on an "upward trajectory" throughout Asia-Pacific, with Vietnam leading the region (65.09), according to a recent study by Asia's largest mental health care company Intellect.
See more
Business
Petrovietnam posts 9-billion-USD revenue in Q1
The Vietnam National Oil and Gas Group (Petrovietnam) saw total estimated revenue of 231 trillion VND (9 billion USD) from production and business activities in the first quarter of 2024, exceeding the set quarterly plan by 33% and up 19% year-on-year, head a conference held by the group recently.
Business
Forum seeks to increase PPP investment effectiveness
Investment cooperation in the public-private partnership (PPP) form is seen as a strategic option to mobilise private investment and improve public service delivery. However, the implementation of PPP projects in Vietnam still faces a lot of difficulties and obstacles, leading to a low number of successful projects and making the private economic sector cautious.
Business
Remittance inflows expected to quench real estate sector’s thirst for capital: Experts
Amid a “thirst” for capital of real estate businesses, the strong inflow of remittances is expected to heat up the market again, held insiders.
Business
Dong Nai province ready to ride Japanese investment wave
The southern province of Dong Nai stands ready to prepare the best conditions to welcome investors, especially those from Japan, Secretary of the provincial Party Committee Nguyen Hong Linh said on April 24.
Business
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pool of both domestic and international investors for socio-economic development.
