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Shares tumble to three-week decline after oil collapses

HÀ NỘI — Vietnamese shares posted their largest one-day decline in three weeks after US crude oil fell below zero for the first time ever.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange dived  三. 五 四 per cent to end Tuesday at  七 六 六. 八 四 points.

It was the index’s biggest daily loss since March  三0 when it tumbled  四. 八 六 per cent.

The VN-Index had gained a total of  四. 八 八 per cent in the previous six days since April  一 三.

Nearly  三 九 七. 四 million shares were traded on the two local exchanges, worth VNĐ 六. 一 trillion (US$ 二 五 九. 四 million).

Local stocks were hit hard as investors panicked after US crude West Texas Intermediate (WTI) slumped  三0 六 per cent to finish Monday at negative $ 三 七. 六 三 a barrel.

It was up  九 三 per cent to trade at minus $ 二. 五 八 a barrel on Tuesday as investors feared lockdowns and travel restrictions will be extended and hamper economic recovery.

Hurt by the sharp decline of US crude, the mining and energy sector index on the Vietnamese market dipped  五. 四 per cent, according to vietstock.vn.

PetroVietnam Gas (GAS) lost  六. 三 per cent, Việt Nam National Petroleum Group (PLX) declined  七 per cent, PetroVietnam Mud Drilling (PVC) plunged  八. 九 per cent, and PetroVietnam Technical Services (PVS) and PetroVietnam Drilling and Well Services (PVD) dived  九. 三 per cent and  七 per cent, respectively.

Other sectors such as retail, banking, real estate, brokerage, logistics, food and beverage, agriculture, construction and technology also traded in the negative territory.

Pillars that were under selling pressure included Vingroup (VIC) down  三. 三 per cent, Bank for Investment and Development (BID) down  六. 五 per cent, Techcombank (TCB) down - 四. 八 per cent and budget airline Vietjet (VJC) down - 一. 九 per cent.

The HNX-Index on the Hà Nội Stock Exchange (HNX) plunged  四. 五 五 per cent – the worst fall since March  九 – to close Tuesday's session at  一0 四. 七0 points.

On the HNX, many blue-chips also dropped strongly such as Saigon Hanoi Bank (SHB) falling - 九. 八 per cent, Asia Co妹妹ercial Bank (ACB) down  四. 三 per cent and Vicostone (VCS) dropping  六. 二 per cent.

The northern market index fell 0. 七 一 per cent on Monday.

The market also faced pressure from foreign net selling. Foreign investors net sold VNĐ 二 一0. 五 八 billion on the HOSE, including Bank for Investment and Development of Việt Nam (BID) (VNĐ 三 六. 三 九 billion), Thành Thành Công-Biên Hòa JSC (STB) (VNĐ 三 三. 二 一 billion) and Vingroup (VIC) (VNĐ 三 二. 一 四 billion). They were net sellers on the HNX with a value of VNĐ 三0. 三 七 billion.

“The VN-Index is forecast to face correcting pressure in the upcoming sessions with short-term technical support at  七 二0-  七 三0 point range. Stocks will witness wide variation in prices following upcoming quarterly business results,” Thành Công Securities Co (TCSC) said in a daily report. — VNS