Vietnamese shares fell slightly on both local bourses on December 22, led by plastics firms amid fear that their profitability will be hurt from an increase of global oil prices.
Hanoi (VNA) - Vietnamese shares fell slightly on both local bourses 𝓡on December 22, led by plastics firms amid fear that ♏their profitability will be hurt from an increase of global oil prices.
The benchmark VN Index on the HCM Stock Exchange inched down 0.1 percent to close at 566.35 points and the HNX Index on the Hanoi Stock Exchange declined by 0.2 percent to finish at 78.65 points.
Plastics producers fell after the US benchmark crude West Texas Intermediate (WTI) jumped 3.9 percent from an eleven-year low to trade at 36.08 USD a barrel.
That increase will make local plastic companies spend more to import input materials for their production, reducing their profitability.
As a result, the plastic producer index dropped 1.7 percent. The biggest companies in the industry that fell included Binh Minh Plastic Joint Stock Company (BMP), which lost 1.5 percent, Tien Phong Plastic Joint Stock Company (NTP), which was down 1.8 percent, and Rang Dong Plastic Joint Stock Company (RDP), which fell 0.7 percent.
However, local energy firms benefited from a rise of WTI crude price. PetroVietnam Gas Corporation (GAS) was up 0.5 percent and PetroVietnam Drilling and Well Services Corporation (PVD) jumped 2.6 percent.
In addition, the stocks were undermined by investor cautious as they await a reaction from Vietnam's central bank selling pressure on the dong, Sai Gon Hanoi Securities Corporation (SHS) wrote in a report.
As a result, insurer Bao Viet Holdings (BVH) was down 1 percent, Vietinbank (CTG) fell 1.1 percent and FPT Corporation (FPT), the conglomerate that operates in various fields including information technology and brokerages, decreased by 0.8 percent.
Both local bourses traded nearly 130 million shares worth 1.86 trillion VND (82.8 million USD), a decrease of nearly 26 percent from Monday's trading value.-VNA
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Illustrative image (Source: VNA)
