The Ho Chi Minh City share market fell sharply for the third straight session Tuesday as retail petroleum prices rose 31 percent.


The VN-Index, which gauges the 154 leading companies and four closed-end funds listed on the Ho Chi Minh Stock Exchange (HOSE), fell 12.94 points, or 2.75 percent, to close at 457.88.


Prior to last Friday, the index had increased in value for eight straight sessions.


HOSE trading volume plunged to its lowest point in a month Tuesday, a mere 1.65 million shares compared to 14 million on Monday.


The trading board was filled with selling orders as traders reacted to the hike in gasoline prices.


The price of 92-RON gasoline, the most common grade used in Vietnam, was raised to VND19,000 (US$1.14) a liter, while kerosene increased 44 percent to VND20,000, starting Monday, the Ministry of Finance and Ministry of Industry and Trade said in a joint statement.


“In our technical analysis there is a relatively strong resistance level of500 points for VN-Index,” said Hanoi-based research manager at Royal International Securities Bui Duc Thinh as quoted by Bloomberg.


“If the market has really good news, the index might exceed this level, while the opposite would push the index down.”


Foreign investors remain net buyers, spending some VND42.5 billion ($2.5 million) on the market.


They bought heavily in telecommunications firm Saigontel, technology giant FPT Corp., PetroVietnam Fertilizer and Chemical Joint Stock Company, and drilling company PV Drilling.


The Hanoi stock exchange also retreated Tuesday as the HaSTCIndex dropped 2.59 points, or 1.75 percent, to close at 145.69.