Stock indexes tumbled last week, following concerns about oil prices onthe global market. However, the highlight was that bottom-fishing made acome back as oil and gas shares rebounded.
The VN-Index declinedstrongly compared to the previous week’s close, losing 5.6 percent to523.09 points, while the HNX-Index slid 3.8 percent to 81.32 points.
Further,average trading values were 2.55 trillion VND (119.7 million USD) and875.6 billion VND (41.1 million USD), respectively, on the Ho Chi MinhStock Exchange and Hanoi Stock Exchange.
On the global market,oil prices continued to hit new lows. Meanwhile, the Organisation ofPetroleum Exporting Countries said its members would not reduce output,even as the price might fall to 40 USD per barrel, causing surpluses insupplies. Bao Viet Securities Company's analyst Tran Duc Anh believedthat this would continue to be a factor to identify this week's trend.
Thedecrease in shares, such as PetroVietnam Gas (GAS), PetroVietnamDrilling Services (PVD), PetroVietnam General Services (PET), PetroleumEquipment Assembly and Metal (PXS), PetroVietnam Engineering Consultancy(PVE) and PetroVietnam Coating (PVB), has had adverse impacts onoverall transactions, rapidly causing a fall in other shares.
However,the decline in energy stocks showed signs of leveling off on December17, but could not help benchmark indexes due to massive sell-offs onmid-cap stocks. Oil and gas stocks then witnessed positive tradingtoward the end of the week, especially the largest companies, such asGAS and PVD.
Meanwhile, the overall market increased on December18, before falling again. During the following session, the market waspartly affected by activities of exchange-traded funds on influentialstocks, including Vietcombank (VCB), private equity group Masan (MSN),Pha Lai Thermalpower (PPC) and property developers Vingroup (VIC) andFLC Group (FLC).
Also last week, foreign investors sold a net of nearly 548 billion VND (25.7 million USD) on both exchanges.-VNA
The VN-Index declinedstrongly compared to the previous week’s close, losing 5.6 percent to523.09 points, while the HNX-Index slid 3.8 percent to 81.32 points.
Further,average trading values were 2.55 trillion VND (119.7 million USD) and875.6 billion VND (41.1 million USD), respectively, on the Ho Chi MinhStock Exchange and Hanoi Stock Exchange.
On the global market,oil prices continued to hit new lows. Meanwhile, the Organisation ofPetroleum Exporting Countries said its members would not reduce output,even as the price might fall to 40 USD per barrel, causing surpluses insupplies. Bao Viet Securities Company's analyst Tran Duc Anh believedthat this would continue to be a factor to identify this week's trend.
Thedecrease in shares, such as PetroVietnam Gas (GAS), PetroVietnamDrilling Services (PVD), PetroVietnam General Services (PET), PetroleumEquipment Assembly and Metal (PXS), PetroVietnam Engineering Consultancy(PVE) and PetroVietnam Coating (PVB), has had adverse impacts onoverall transactions, rapidly causing a fall in other shares.
However,the decline in energy stocks showed signs of leveling off on December17, but could not help benchmark indexes due to massive sell-offs onmid-cap stocks. Oil and gas stocks then witnessed positive tradingtoward the end of the week, especially the largest companies, such asGAS and PVD.
Meanwhile, the overall market increased on December18, before falling again. During the following session, the market waspartly affected by activities of exchange-traded funds on influentialstocks, including Vietcombank (VCB), private equity group Masan (MSN),Pha Lai Thermalpower (PPC) and property developers Vingroup (VIC) andFLC Group (FLC).
Also last week, foreign investors sold a net of nearly 548 billion VND (25.7 million USD) on both exchanges.-VNA
