Vietnamese shares fall on declining oil prices

Hanoi (VNA) - Vietnamese shares extended losses for a second session on both local exchanges on November 9 as local energy stocks fell amid declining global oil prices.

The benchmark VN Index on HCM Stock Exchange fell 0.3 percent to close at 610.66 points and the HNX Index inched down 0.1 percent to end at 81.42 points.

The US benchmark crude West Texas Intermediate (WTI) lost 5 percent and the Brent crude dropped 4.2 percent to trade at 44.29 USD and 47.42 USD a barrel last week.

The local energy stock index, made up of PetroVietnam Gas Corporation (GAS), PetroVietnam Drilling & Well Services Corporation (PVD) and PetroVietnam Coating JSC (PVB), lost 1.4 percent, according to Bao Viet Securities Corporation (BVSC).

Among these stocks, GAS dropped 1.1 percent, PVD was down 1.4 percent and PVB fell 2.5 percent.

In addition, the market declined as investors raised their selling activity to earn profits after the benchmark VN Index inched up 0.8 percent last week to stand at 612.4 points, BVSC wrote in its report.

Their selling activity focused on some big stocks, including Vinamilk (VNM), FPT Corporation (FPT) and Bao Viet Holdings (BVH), which fell after making gains during last week.

VNM fell 1.6 percent on November 9 after it had gained 10.3 percent over the four days of last week, FPT dropped 1.9 percent after it jumped 8.5 percent and BVH lost 3.2 percent following an increase of 10.2 percent.

These three stocks were also the biggest reasons that made their sectors fell from November 6. VNM pulled the food and beverage sector down 1.2 percent, FPT dragged the information technology sector down 1 percent and BVH drove the insurer sector down 2.7 percent.

The two local bourses traded more than 164 million shares, worth 2.59 trillion VND (115.2 million USD), a decrease of 8.4 percent from last week's average trading value.-VNA