Volatile oil price weighs on shares
Slumps of oil and gas shares pulled down both markets once again on December 25.
Slumps of oil and gas shares pulled down both markets once again on December 25.
Large-cap stocks like PV Gas (GAS), PetroVietnam Drilling and Wells Service Corp (PVD), Petrovietnam Transportation Corp (PVT), PetroVietnam Technical Services Corp (PVS), PetroVietnam Drilling Mud Co (PVC) and Petrovietnam Southern Gas Co (PGS) all declined between 2.2-4.2 percent.
Volatile oil prices in the world market made investment in oil and gas stocks more risky in the short term, according to analysts. The global oil price tumbled 2.46 percent on December 25, triggering selling of these stocks.
"Strong fluctuations in the past trading days indicate the volatile psychology among investors," said Pham Viet Hung, a Ha Noi-based independent analyst.
On the Hochiminh Stock Exchange, the VN-Index lost over 7 points or 1.38 percent after two days of rallying to close the session at 532.01 points.
The VN30, which tracks the top 30 shares by market value and liquidity, also sank more than 1 percent to finish at 585.19 points.
The market condition was negative as decliners outnumbered the gainers by 46-59 while the other 102 closed flat.
Upbeat on positive economic data like low annual inflation and higher-than-expected GDP growth, investors still increased their buys, lifting liquidity. Market volume increased 25 percent over the previous day to more than 89 million shares, while the value of trades rose 20 percent to reach 1.715 trillion VND (80.1 million USD).
FLC group (FLC) remained the most active stock toward the end of the session with 6.9 million shares, but the price slipped 2 percent to settle at 9,900 VND a share.
On the Hanoi Stock Exchange, the HNX-Index also dropped 0.93 percent to end at 82.05 points as losers doubled gainers.
Liquidity also improved with trading volume rising 10 percent over the previous session, reaching 50 million shares worth nearly 570 billion VND (26.6 million USD).
PetroVietnam Construction Corp (PVX) was the most active here on trades of 4.7 million shares, plunging 8.2 percent to end at 4,500 VND a share.
Foreign investors again concluded yesterday as net buyers, although they bought only 49 billion VND (2.3 million USD) worth of shares in the two markets, half of the December 24 session’s total.-VNA
Large-cap stocks like PV Gas (GAS), PetroVietnam Drilling and Wells Service Corp (PVD), Petrovietnam Transportation Corp (PVT), PetroVietnam Technical Services Corp (PVS), PetroVietnam Drilling Mud Co (PVC) and Petrovietnam Southern Gas Co (PGS) all declined between 2.2-4.2 percent.
Volatile oil prices in the world market made investment in oil and gas stocks more risky in the short term, according to analysts. The global oil price tumbled 2.46 percent on December 25, triggering selling of these stocks.
"Strong fluctuations in the past trading days indicate the volatile psychology among investors," said Pham Viet Hung, a Ha Noi-based independent analyst.
On the Hochiminh Stock Exchange, the VN-Index lost over 7 points or 1.38 percent after two days of rallying to close the session at 532.01 points.
The VN30, which tracks the top 30 shares by market value and liquidity, also sank more than 1 percent to finish at 585.19 points.
The market condition was negative as decliners outnumbered the gainers by 46-59 while the other 102 closed flat.
Upbeat on positive economic data like low annual inflation and higher-than-expected GDP growth, investors still increased their buys, lifting liquidity. Market volume increased 25 percent over the previous day to more than 89 million shares, while the value of trades rose 20 percent to reach 1.715 trillion VND (80.1 million USD).
FLC group (FLC) remained the most active stock toward the end of the session with 6.9 million shares, but the price slipped 2 percent to settle at 9,900 VND a share.
On the Hanoi Stock Exchange, the HNX-Index also dropped 0.93 percent to end at 82.05 points as losers doubled gainers.
Liquidity also improved with trading volume rising 10 percent over the previous session, reaching 50 million shares worth nearly 570 billion VND (26.6 million USD).
PetroVietnam Construction Corp (PVX) was the most active here on trades of 4.7 million shares, plunging 8.2 percent to end at 4,500 VND a share.
Foreign investors again concluded yesterday as net buyers, although they bought only 49 billion VND (2.3 million USD) worth of shares in the two markets, half of the December 24 session’s total.-VNA
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