Vietnamese shares drop for second day
Vietnamese shares September 29 extended their losses for a second day on the two local markets as low global oil prices sent energy stocks down.
An investor passes by automatic stock trading boards at Tan Viet Securities in Hanoi. (Source: VNA)The benchmark VN-Index on the HCM Stock Exchange dropped 0.7 percent to close at 561.19 points and the HNX-Index on the Hanoi Stock Exchange lost 0.3 percent to finish at 77.94 points.
US benchmark crude oil West Texas Intermediate September 29 traded at 44.44 USD a barrel, down slightly from the previous day’s value. WTI has fallen nearly 10 percent since it hit a two-month peak at 49.20 USD a barrel on August 31.
At the end of September 29, local energy firms were down an average of 2.4 percent.
Among the largest energy firms, Petrovietnam Gas Corp (GAS) fell 1.3 percent, Petrovietnam Coating JSC (PVB) dropped 1.4 percent and Petrovietnam Drilling & Well Services (PVD) was down nearly one percent.
Cuts in the interest rates for dollar saving accounts made by the State Bank of Vietnam on September 28 continued to undermine the banking sector as financial firms lost an average of 0.5 percent on top of a loss of 1.9 percent on that day.
Vietcombank (VCB) dropped 0.5 percent, and both Vietinbank (CTG) and Saigon-Hanoi Bank (SHB) were down 1.5 percent.
Shares fell despite positive news about Vietnam's economy. The Government said gross domestic product likely grew 6.8 percent in the third quarter compared to the same year-ago period. Last week, the Asia Development Bank raised its 2015 growth forecast for Vietnam to 6.5 percent from 6.1 percent.
Market volume slightly improved from September 28 with nearly 131.6 million shares traded worth 1.93 trillion VND (85.7 million USD), an increase of 5.8 percent.-VNA
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