Vietnam's stocks continue declining
Vietnamese shares slipped for a second day on February 2 on the two local exchanges as energy stocks fell amid declining oil prices.
Investors attend a stock auction session at Haboi Stock Exchange (Photo: VNA)Hanoi (VNA) - Vietnamese shares slipped for a second day on February 2 on the two local exchanges as energy stocks fell amid declining oil prices.
The benchmark VN Index on the HCM Stock Exchange lost 0.8 percent to close at 536.45 points. The southern index has declined by 1.6 percent in the past two days.
The HNX Index on the Hanoi Stock Exchange was down 0.5 percent to end at 75.86 points, extending its two-day decline to 1.3 percent.
The energy sector index lost 2.1 percent on the day, pulling the markets down, as global crude prices dropped amid waning hope for production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers.
US benchmark crude West Texas Intermediate (WTI) lost another 3.3 percent to trade at US$30.58 a barrel while London-traded Brent crude fell 3.1 percent to $33.17 a barrel.
WTI price has slipped 9 percent in two days and Brent crude price has slid 4.5 percent.
Local energy stocks recorded big losses. PetroVietnam Gas Corporation (GAS) slumped 4 percent, PetroVietnam Drilling and Well Services Corporation (PVD) lost 4.3 percent and PetroVietnam Mud Drilling Corporation (PVC) fell 5.8 percent.
Meanwhile, both local markets were also driven down as investors were worried about a possible weaker Vietnamese dong in order to guarantee competitiveness for local-made products after the two largest economies, the US and China, announced low industrial production pace for January.
Vietnam's central bank raised its reference mid-point rate for exchange trading band by 2 VND to trade 21,894 VND for a US dollar with a limit of 3 percent on either sides for local banks to decide their trading values. The mid-point rate has increased 13 VND in two days.
The banking sector index inched down 0.3 percent, led by Vietcombank (VCB), BIDV (BID) and Sacombank (STB), which dropped 0.7 percent, 0.6 percent and 0.9 percent, respectively.
The two local markets traded more than 128 million shares worth 1.7 trillion VND (76.8 million USD), a decrease of 18 percent from the figure recorded on February 1.-VNA
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