Blue chips drive market lower
Blue chips drive market lower
Shares fell this morning on the two markets as blue chips lost steam.
The benchmark VN-Index on the HCM Stock Exchange edged down 0.3 per cent to close at 613.6 points.
On the smaller exchange in Ha Noi, the HNX-Index also lost 0.3 per cent to end at 81.6 points.
Oil and gas companies such as PV Gas (GAS), PetroVietnam Technical Services (PVS) and PetroVietnam Drilling Mud (PVC) tumbled between 0.6 per cent and 1.5 per cent, following a fall in global oil prices.
Other large-cap stocks such as Bao Viet Holdings (BVH), VinGroup (VIC) and Vietinbank (CTG) also lost value.
On the other end of the spectrum, textile shares posted gains after the industry and trade ministry released the full text of the Trans-Pacific Partnership agreement, following which garment and textile product exports will not be taxed when they are shipped to the United States, Viet Nam's largest textile export market.
Garmex Saigon Co (GMC) and Thanh Cong Textile Garment Investment (TMC), the two largest listed textile companies, jumped between two per cent and four per cent this morning.
The overall market condition was negative, with 33 per cent of the 680 trading stocks falling, while only 18 per cent advanced.
Almost 82 million shares, worth VND1.4 trillion (US$62.5 million), were traded on the two markets by the end of this morning.
The afternoon session will start at 1pm.
