A slump in the fortunes of oil and gas companies following the OPEC'sforecast of lower oil demand for next year and further decline in globaloil prices once again dragged the stock market down on December 11.
PV Gas (GAS), PetroVietnam Technical Services (PVS),PetroVietnam Drilling and Wells Service (PVD) and PetroVietnam DrillingMud Co (PVC) slipped between 4–6 percent.
"Late rally inDecember 10’s session did not repeat on December 11 as buying powerwaned under rising investor cautiousness. Oil price plunges hit stocksagain," Nguyen Viet Hung, a Hanoi-based independent analyst, said.
On the HCM City Stock Exchange, the VN-Index lost over 7 points,or 1.27 percent, at the end of the session, recording a six-month lowof 550.11 points.
Losses extended to blue chips, which caused a0.98 percent decrease of the VN30. This tracked the top 30 shares basedon market value and liquidity.
The market condition was negative with 147 codes tumbling, 70 rising and 90 going flat.
Liquidity continued to slide with the market volume down 20 per centfrom the previous session, totaling 96 million shares, while the valueof trades dropped 10 percent to reach 1.674 trillion VND (78.6 millionUSD).
Ocean Group remained the most active stock by the end ofthe session, having traded 9 million shares. The share price rose 2.5percent to end at 8,200 VND a share.
On the Hanoi StockExchange, the HNX-Index also tumbled 0.96 percent to finish at 84.40points as the decliners were almost double than the number of advancers.
The trading volume here also reduced 20 percent compared withDecember 10’s figure, reaching 41.3 million shares, worth nearly 714billion VND (33.5 million USD).
KLF Joint Venture GlobalInvestment Co was the most heavily-traded stock with 7.6 million shares,but its price plunged 3.08 percent and closed at 12,600 VND per share.
Foreign investors continued to offload shares on the twomarkets, but the value of net sell dropped substantially to nearly 28billion VND (1.3 million USD) worth of shares.-VNA
PV Gas (GAS), PetroVietnam Technical Services (PVS),PetroVietnam Drilling and Wells Service (PVD) and PetroVietnam DrillingMud Co (PVC) slipped between 4–6 percent.
"Late rally inDecember 10’s session did not repeat on December 11 as buying powerwaned under rising investor cautiousness. Oil price plunges hit stocksagain," Nguyen Viet Hung, a Hanoi-based independent analyst, said.
On the HCM City Stock Exchange, the VN-Index lost over 7 points,or 1.27 percent, at the end of the session, recording a six-month lowof 550.11 points.
Losses extended to blue chips, which caused a0.98 percent decrease of the VN30. This tracked the top 30 shares basedon market value and liquidity.
The market condition was negative with 147 codes tumbling, 70 rising and 90 going flat.
Liquidity continued to slide with the market volume down 20 per centfrom the previous session, totaling 96 million shares, while the valueof trades dropped 10 percent to reach 1.674 trillion VND (78.6 millionUSD).
Ocean Group remained the most active stock by the end ofthe session, having traded 9 million shares. The share price rose 2.5percent to end at 8,200 VND a share.
On the Hanoi StockExchange, the HNX-Index also tumbled 0.96 percent to finish at 84.40points as the decliners were almost double than the number of advancers.
The trading volume here also reduced 20 percent compared withDecember 10’s figure, reaching 41.3 million shares, worth nearly 714billion VND (33.5 million USD).
KLF Joint Venture GlobalInvestment Co was the most heavily-traded stock with 7.6 million shares,but its price plunged 3.08 percent and closed at 12,600 VND per share.
Foreign investors continued to offload shares on the twomarkets, but the value of net sell dropped substantially to nearly 28billion VND (1.3 million USD) worth of shares.-VNA
