Vietnam’s stocks down on lower oil prices
Vietnamese shares fell on both local exchanges on March 15 as energy stocks weighed on the markets and as oil prices continued to fall.
An investor watches share movements in the floor of Vietcombank Securities Co. (Photo: VNA)The benchmark VN Index on the HCM Stock Exchange retreated 0.7 percent to close at 574.04 points, ending a rally of 1.1 percent over the previous three sessions.
The HNX Index on the Hanoi Stock Exchange dropped 0.5 percent to finish at 79.63 points, extending its decline of 0.5 percent for a second day.
Local energy stocks declined as oil slid for a second day after Iran appeared unlikely to join a coalition led by Russia and Saudi Arabia on a production freeze to bolster prices until the country restores its pre-sanction oil output level.
US benchmark crude West Texas Intermediate (WTI) on March 15 lost 2.7 percent to trade at 36.18 USD a barrel, and London-traded Brent crude declined by 2.8 percent to trade at 38.43 USD a barrel.
WTI has fallen 6 percent in the last two days and Brent crude has slipped 4.9 percent during that period.
Local energy stocks recorded heavy falls during March 15 session. Among the biggest declines, PetroVietnam Gas Corporation (GAS) slumped 3.6 percent, PetroVietnam Drilling and Well Service Corporation (PVD) slid 4.9 percent, and PetroVietnam Mud Drilling Corporation (PVC) dropped 3.9 percent.
Energy stocks will likely continue to drag the markets down tomorrow unless there is positive information that brings oil prices up again, which is unlikely to happen, Saigon-Hanoi Securities Corporation (SHS) wrote in its daily report.
Meanwhile, low investor confidence helped push financial stocks into negative territory as investors waited for the US central bank's meeting this week, which is expected to keep interest rates unchanged and provide a clear schedule for rate hikes in the future.
Among financial stocks, Bao Minh Insurance Corporation (BMI) lost 2.4 percent, BIDV Insurance Corporation (BIC) fell 2.5 percent, the Bank for Investment and Development of Vietnam (BID) slid 1.2 percent, Sacombank (STB) dropped 1.9 percent, and HCM City Securities Corporation (HCM) lost 1.6 percent.
The property sector declined on forecasts that the revised Circular 36, which aims to reduce the limited loans a bank can make, will create negative effects for property developers.
The property sector was led down by FLC Group (FLC), Vingroup JSC (VIC), Sao Mai Group Corporation (ASM), and Phat Dat Real Estate Development JSC (PDR), which fell 1.5 percent, 0.9 percent, 1.1 percent and 0.8 percent, respectively.
Local markets combined traded nearly 226.4 million shares worth 3.2 trillion VND (143 million USD), a decrease of 45 percent from March 14's trading value.-VNA
You should also see
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pool of both domestic and international investors for socio-economic development.
See more
Business
Vietnam-Singapore trade on the rise since start of 2024
Trade between Vietnam and Singapore topped 2.54 billion SGD (1.87 billion USD) in March, rising 4.29% year on year, according to the Trade Office of Vietnam in the city state.
Business
Petrol prices decrease slightly on April 25
The retail prices of petrol were adjusted down from 3pm on April 25 by the Ministry of Industry and Trade and the Ministry of Finance.
Business
Vietnamese canned sugarcane juice favoured in US
The first cases of Vietnamese canned sugarcane juice have hit supermarket shelves in Miami, the US state of Florida.
Business
Labels on foods exported to Singapore must be accurate: Trade counselor
Counsellor Cao Xuan Thang, head of the Vietnam Trade Office in Singapore, has advised Vietnamese exporters to pay attention to labeling pre-packaged food products to ensure their credibility and image of businesses when exporting to the Singaporean market.
Business
April 25 gold bullion auction cancelled
The State Bank of Vietnam (SBV) has announced that it canceled the gold bullion auction scheduled for April 25 morning as only one business submitted its bidding form.
