Business

Falling oil prices hit VN-Index

Stocks fell away on November 28 on both exchanges despite improved trading, dragged down by oil and gas shares.
Stocks fell away on November 28 on both exchanges despite improved trading, dragged down by oil and gas shares.

Onthe Hochiminh Stock Exchange, the VN-Index lost another 1.1 percent toclose the session at 566.58 points, while the VN30 finished down 0.72percent at 611.15 points.

Major large-cap shares tumbled, led byPV Gas (GAS), the biggest stock in terms of market value, andPetroVietnam Drilling and Wells Service Corp (PVD).

GAS fell 5.49 percent to close at 86,000 VND (4.04 USD), while PVD dropped 6.21 percent to end at 75,500 VND (3.54 USD).

Onthe Hanoi Stock Exchange, the HNX-Index fell 0.65 percent to close at87.42 points, despite gainers outnumbering losers by 128-70.

Thethree oil and gas stocks together with PetroVietnam Technical ServicesCorp (PVS) lost nearly 20 percent of value in November, due to plungingglobal oil prices.

Slipping from 106,000 VND (4.98 USD) in earlyNovember to 86,000 VND (4.04 USD), GAS led the losers with market valueevaporating by nearly 38 trillion VND (1.78 billion USD) in one month to165 trillion VND (7.7 billion USD).

The market values of PVD and PVS fell 5.6 trillion VND (263 million USD) and 3.4 trillion VND (159.6 million USD), respectively.

Liquidityalso improved with the trading volume and value rising over 30 percentfrom the previous session, reaching nearly 78 million shares worth 1.1trillion VND (51.6 million USD).

Investment on November 28 againfocused on realty stocks following the news that the National Assemblyhas approved a new law to allow foreigners to buy property in Vietnam.

Unsurprisingly,the three most active shares were in the real estate sector, led by FLCGroup (FLC) with 19.5 million shares traded and leap in price of 2.5percent to close at 11,700 VND.

Tan Tao Investment Industry (ITA)followed with 10.6 million shares exchanged, rising 2.3 percent to8,900 VND, while Hoang Quan Consulting Trading Service Real Estate (HQC)closed with nearly 10 million shares traded, climbing 2.5 percent tofinish at 8,100 VND.

Total market volume jumped 20 percent toover 146 million shares worth 2.377 trillion VND (111.6 million USD), up25 percent over the previous day's value.

Foreign investorscontinued to unload shares on both exchanges with a combined net sellingvalue of nearly 211 billion VND (9.9 million USD).-VNA
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