Business

Oil drags markets for second day

Vietnamese shares on July 15 fell for a second day as energy firms suffered from lower oil prices and investors continued to seek profits in large-cap stocks.
Oil drags markets for second day ảnh 1Investors at a trading session on Bao Viet Securities Corp’s trading floor (Photo: VNA)

Hanoi (VNA) - Vietnamese shares on July 15 fell for a second day as energy firms suffered from lower oil prices and investors continued to seek profits in large-cap stocks.

The benchmark VN Index on the HCM Stock Exchange edged down 0.3 percent to finish at 664.56 points. The southern market index has fallen 1.6 percent in the last two sessions.

The HNX Index on the Hanoi Stock Exchange ended at 6.63 points, down 0.9 percent in total after two trading days.

The energy sector on July 15 suffered losses as global oil prices pulled back from the previous session’s gains.

Large-cap energy stocks such as PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Coating Corp (PVB) dropped between 0.8 percent and 1.7 percent.

The retail sector, led by computer seller FPT Corp (FPT) and Mobile World Investment Corp (MWG), also weighed on the markets.

FPT lost 0.9 percent to erase all gains made in the previous three sessions, and MWG fell 2.1 percent from a four-day increase of 7.7 percent.

The banking sector was dragged down by the Bank for Investment and Development of Vietnam (BID), which slid 0.5 percent from a two-day gain of 4.5 percent, and Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB), which plunged 3.6 percent to extend a two-day decrease of 6.1 percent.

Large-cap securities stocks continued to decline. Sai Gon Securities Inc (SSI), HCM City Securities Corp (HCM) and Bao Viet Securities Corp (BVS) were down between 0.3 percent and 0.8 percent.

On the positive side, property developers recorded gains. Vingroup JSC (VIC) added 1.9 percent, and Tan Tao Investment and Industry Corp (ITA) advanced 4.3 percent.

Vietnam’s central bank yesterday cut its daily reference mid-point rate by 11 VND to 21,864 VND for a US dollar with a three-per-cent limit on either side of the mid-point rate for local banks to decide their exchange rates. The mid-point rate has decreased by 15 VND after two days.

Investors traded 178.3 million shares worth 3.86 trillion VND (171.4 million USD), a decrease of nearly five percent from the previous session’s trading value.-VNA

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