Shares retreat for a second day

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Shares retreat for a second day

Vietnam News - 8/21/2015 8:04:00 AM

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Vietnamese shares dropped yesterday for a second day - and for a seventh session in the last eight - as global oil prices plunged to a six-year low, weighing on energy stocks.

The benchmark VN-Index in the HCM City Exchange fell 1.9 per cent to 566.69 and has shed almost 8 percent since the beginning of last week. Energy companies slid an average of 4.6 per cent yesterday.

PetroVietnam Gas Corp. (GAS), the country's biggest energy comapny with a market capitalisation of VND86.2 trillion ($3.85 billion), lost nearly 7 per cent while Petrovietnam Drilling & Well Service Corp. (PVD) lost 6.8 per cent.

A global crude supply glut sent West Texas Intermediate to US$40.60 per barrel yesterday, the lowest price since March 2009. Oil is down more than 62 per cent from $106 per barrel last August.

Some analysts said they expect oil prices to stay low. So far, the Organisation of the Petroleum Exporting Countries (OPEC) has refused to reduce its production to boost prices while Iran's recent nuclear agreement will allow the Middle East country to increase output, VPBank Securities Corporation (VPBS) wrote in a report.

Two biggest energy companies on the Ha Noi Stock Exchange – PetroVietnam Coating Co. (PVB) and Petroleum Technical Services Corp. (PVS) – lost 6.4 and 6.9 per cent, respectively. Overall, the Ha Noi bourse fell 1.4 per cent to 78.55.

Brokerages also fell after the Ministry of Finance failed to clarify concerns about new rules regarding foreign ownership of local companies. HCM City Securities Corp. (HCM) fell 4.4 per cent, VNDirect Securities JSC (VND) dropped 2.6 per cent and Sai Gon-Ha Noi Securities JSC (SHS) was down 3.9 per cent.

Market sentiment was also undermined by the central bank's two per cent devaluation of the dong on Wednesday, the fourth depreciation this year and second in two weeks.

The central bank's action hurt companies that need to import inputs from foreign suppliers for plastic production, sea transport and electrical manufacturing such as South Logistics Co. (STG), PetroVietnam Transportation Corp. (PVT) and PetroVietnam Power Nhon Trach 2 Co. (NT2), which lost 6.9 per cent, 3.4 per cent and 0.8 per cent, respectively.

Total trading volume on both bourses was more than 155 million shares, worth VND2.47 trillion ($110.3 million), an increase of 7.4 per cent from Wednesday.

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