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.

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

Major large-cap shares tumbled, led by PV Gas (GAS), the biggest stock in terms of market value, and PetroVietnam 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).

On the Hanoi Stock Exchange, the HNX-Index fell 0.65 percent to close at 87.42 points, despite gainers outnumbering losers by 128-70.

The three oil and gas stocks together with PetroVietnam Technical Services Corp (PVS) lost nearly 20 percent of value in November, due to plunging global oil prices.

Slipping from 106,000 VND (4.98 USD) in early November to 86,000 VND (4.04 USD), GAS led the losers with market value evaporating by nearly 38 trillion VND (1.78 billion USD) in one month to 165 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.

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

Investment on November 28 again focused on realty stocks following the news that the National Assembly has 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 FLC Group (FLC) with 19.5 million shares traded and leap in price of 2.5 percent to close at 11,700 VND.

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

Total market volume jumped 20 percent to over 146 million shares worth 2.377 trillion VND (111.6 million USD), up 25 percent over the previous day's value.

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

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