Vietnam index drops 1.1pc on selling in blue-chips
HANOI: Vietnam's benchmark VN Index ended 1.1 percent down on Friday, a fresh five-month low, due to selling in some blue-chips including energy stocks after OPEC said it would not lower output to boost global price.
PetroVietNam Gas, Vietnam's largest listed firm by market value, closed down 5.49 percent, and Petrovietnam Drilling & Well Services Corp fell 6.21 percent. Both are subsidiaries of state oil and gas group Petrovietnam.
A total of 145.68 million shares changed hands, above the five-day average of 131 million shares, pushing the index down to its lowest since June 23, according to Reuters data.
Vietcombank Securities and BIDV Securities advised clients with a cautious view to stop buying as the market has been falling.
"Investors in favour of risks should focus on buying property, securities and construction material firms at low prices and should quickly take profit at good prices," BIDV Securities said in a note to clients.
The index has lost around 3 percent since Tuesday.Agencies