Viet Nam shares fall on energy stocks
Viet Nam shares fall on energy stocks
Vietnamese shares ended Wednesday on a negative note, driven by the financial-banking, energy and brokerage sectors.
The benchmark VN-Index on the HCM Stock Exchange edged down 0.02 per cent to close at 1,110.36 points. It inched up 0.07 per cent to close at 1,110.56 points on Tuesday.
The minor HNX Index on the Ha Noi Stock Exchange dropped 1.15 per cent to end at 125.90 points.
The index edged up 0.01 per cent to close at 127.36 points on Tuesday.
Nearly 452.2 million shares were traded on the two local exchanges, worth VND11.9 trillion (US$420.8 million).
Declining stocks outnumbered gaining ones by 272 to 217, while 126 other stocks ended flat.
Large-cap stocks underperformed, as 18 of the 30 largest stocks by market capitalisation in the VN30 Index suffered, pulling the large-cap index down 0.30 per cent to 1,095.90 points.
Among the worst decliners on the VN30 basket included Bao Viet Holdings (BVH), down 4.3 per cent; Coteccons Construction Joint Stock Company (CTD), declining 2.1 per cent; FPT Corporation (FPT), falling 1.7 per cent; and Viet Nam Dairy Products Joint Stock Company (VNM), dipping 0.5 per cent; as well as Vietjet Aviation Joint Stock Company (VJC), decreasing 1.03 per cent.
The three sectors of banking, energy and brokerage sectors suffered strong selling pressure on Wednesday as the industries’ indexes decreased 2.42 per cent, 6.81 per cent and 4.13 per cent, respectively, data on vietstock.vn showed.
The worst decliners in the banking sector were Bank for Investment and Development of Viet Nam (BID), and Military Commercial Joint Stock Bank (MBB), which were down 5 per cent and 2.74 per cent respectively.
The energy sector also saw poor performance with many blue-chips declining, including PetroVietnam Drilling & Well Services Corporation (PVD), dropping 6.95 per cent, PetroVietnam Technical Services Corporation (PVS), falling 9.8 per cent and Drilling Mud Joint Stock Corporation (PVC), decreasing 9.09 per cent.
The brokerage sector was driven down by Saigon - Hanoi Securities JSC (SHS), decreasing 4.17 per cent, Ho Chi Minh City Securities Corporation (HCM), down 2.7 per cent and MB Securities Joint Stock Company (MBS), falling 1.23 per cent.
According to BIDV Securities JSC (BSC), the money flow into the market was still relatively large but strong selling force will continue to shake the market.
“Investors should avoid bottom fishing in this period, instead, they should monitor the market and keep track of stocks already showing signs of recovery within one to two days,” BSC said in its daily report.
