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Roundup: Vietnam index drops as oil prices fall

Xinhua, September 4, 2015 Adjust font size:

The Vietnam Stock Index or VN-Index, a capitalization-weighted index of all the companies listed on the Ho Chi Minh City Stock Exchange, dropped this week due to oil prices fell.

There were three consecutive losing sessions during the week. The index finished at 556.81 points on Friday.

Volatile global oil prices undermined the country's energy firms, causing fluctuations in the overall market, said stock experts. In addition, investor sentiment was hurt by a new regulation regarding foreign ownership of shares of Vietnamese companies. They said the new rule is not clear enough.

The weaker demand made prices of many large-cap stocks and blue chips fall, dragging down the market.

The VN-Index closed at 556.81 points on Friday, up 2.51 points, or 0.45 percent, from the previous trading day's close. From the previous week's close, the index lost 14.06 points, or 2.52 percent.

During the week, the index experienced just one up but three downs (transaction stopped on Wednesday ahead of the country's National Day holiday), posting the highest level of 564.75 points on Monday, and the lowest level of 554.3 points on Thursday. In comparison, it ranged between 526.93 points and 570.87 points in the previous week.

About 66.984 million shares worth 1.066 trillion VND (24.14 million U.S. dollars) changed hands on the Ho Chi Minh City Stock Exchange, a decrease of 39.54 percent in volume and 53.38 percent in value against Thursday.

According to analysts from Sai Gon- Ha Noi Securities Company, selling pressure may continue to exist in the coming sessions. The market will continue to fluctuate because the growth momentum has not appeared yet. Endi