Markets decline as bank and energy stocks slump
Markets decline as bank and energy stocks slump
Both market indices fell on Tuesday morning as large-cap stocks, particularly from the energy sector, lost momentum.
On the HCM Stock Exchange, the VN Index went down 0.5 per cent to 774.96 points. On the Ha Noi Stock Exchange, the HNX Index inched down 0.17 per cent to 100.16 points.
The overall market condition was negative, with 236 stocks declining, 173 advancing and 291 remaining flat.
Only nine of the top 30 largest shares by market value and liquidity on the main bourse in HCM City gained value, while 17 slumped.
Energy stocks led the downturn with the two largest energy firms – PV Gas (GAS) and Petrolimex (PLX) – falling by 1.7 per cent each.
Bank stocks also lost momentum, dragging the market down further. Eight of the nine listed banks on the two exchanges lost between 0.3 per cent and 2.9 per cent.
Other large-cap stocks such as Vinamilk (VNM), VinGroup (VIC), Masan Group (MSN) and Bao Viet Holdings (BVH) were also on the defensive.
On the positive side, Saigon Securities Inc (SSI), PetroVietnam Drilling and Wells Service (PVD), Kido Group (KDC), Kinh Bac City Development (KBC) and Tan Tao Investment and Industry (ITA) performed well, of which ITA hit the daily maximum rise of 7 per cent.
A total of 195 million shares worth a combined VND2.5 trillion (US$111 million) were traded in the two markets.
The afternoon session starts at 1pm.
