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As oil prices fall, Vietnamese shares slide

Vietnamese shares pulled back on both local bourses on December 14 as energy stocks declined after global oil prices extended losses.
As oil prices fall, Vietnamese shares slide ảnh 1Illustrative image (Photo: VNA)

Hanoi (VNA) - Vietnamese shares pulled back on both local bourses on December 14 as energy stocks declined after global oil prices extended losses.

The benchmark VN Index on the HCM Stock Exchange inched down 0.2 percent to close at 562.22 points and the HNX Index on the Hanoi Stock Exchange lost 0.6 percent to end at 78.75 points.

Key energy firms on the market, whose earnings depend on global oil prices, fell due to a further drop of crude oil on December 11 and 14.

The US benchmark crude West Texas Intermediate (WTI) fell sharply by 3.1 percent to trade at 35.62 USD a barrel on December 11 and has decreased by 13.3 percent in the past six sessions.

The WTI crude on December 14 hit a new seven-year low at 35.38 USD a barrel after Iran, one of the world's top crude exporters, planned to raise its output when international sanctions over the country's nuclear programme are removed in January, thus exacerbating the world's oversupply.

As a result, PetroVietnam Gas Corporation (GAS) lost 2.6 percent, PetroVietnam Southern Gas JSC (PGS) was down 1.1 percent and PetroVietnam Technical Services Corporation (PVS) dropped 3.4 percent.

Other big stocks such as Masan Group and Vingroup JSC also pulled the market down as they declined after a short gain on December 11. Masan (MSN) fell 2.1 percent and Vingroup (VIC) was down 0.5 percent.

In addition, other big stocks such as the Bank for Investment and Development of Vietnam (BIDV) and Vietinbank declined as investors remained cautious with Vietnam's foreign exchange rate between the dong and the US dollar as well as the Chinese yuan as they anticipate the US central bank will raise interest rate on December 16.

On December 14, the forex rate between dong and the US dollar hit the ceiling of the central bank's trading band of 22,547 VND for a dollar.

"The main factor on Vietnam's forex rate policy will be Chinese yuan since that currency has devalued recently," Bao Viet Securities (BVS) wrote in a report.

The weakening of yuan came due to its inclusion into the IMF's reserve basket, which reduces the influence of China's Government on the country's currency and recent slowdowns in the world's second largest economy, BVS added, saying that this currency may extend its loss further and break its lowest value recorded.

At the end of December 14, BIDV (BID) dropped 0.5 percent and Vietinbank (CTG) fell 1.7 percent.

Both local exchanges traded more than 155 million shares worth 2.5 trillion VND (110 million USD), an increase of 13.8 percent from last week's daily trading value.-VNA

VNA
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