Shares mixed; energy stocks fall
Shares mixed; energy stocks fall
Vietnamese shares were mixed on the two local exchanges yesterday, while energy stocks declined following a drop in global oil prices.
The benchmark VN Index on the HCM Stock Exchange gained 0.4 per cent to close at 569.90 points and have risen 1 per cent during the last three days.
Meanwhile, the HNX Index on the Ha Noi Stock Exchange dropped 0.3 per cent to end at 77.82 points and have fallen 0.6 per cent during the last two days.
The energy sector index lost 1.4 per cent as energy companies were undermined by lower global oil prices.
The US benchmark crude West Texas Intermediate (WTI) yesterday fell 0.8 per cent to trade at US$37.79 a barrel. WTI crude last week gained 9.7 per cent to trade at $38.10 a barrel ahead of the Christmas weekend.
Local energy firms that suffered from lower crude prices included PetroVietnam Gas Corporation (GAS), which fell 1.9 per cent, PetroVietnam Drilling and Well Services Corporation (PVD), which dropped 2.9 per cent, and PetroVietnam Technical Services Corporation (PVS), which lost 1.8 per cent.
Meanwhile, the drop in crude prices also helped local plastic firms reduce their production costs, including Tien Phong Plastic JSC (NTP) and Binh Minh Plastic JSC (BMP), which gained 0.7 per cent and 2.3 per cent, respectively.
Other big stocks that contributed to the market decline included insurer Bao Viet Holdings and the Bank for Investment and Development of Vietnam (BIDV), which dropped 1 per cent each, and steel marker Hoa Phat Group Joint Stock Company (HPG), which fell 2 per cent.
On the positive side, the stock market received a strong boost from food and beverage producer Masan Group (MSN), which surged 6.7 per cent following its billion-dollar deal with Thai beer producer Singha Beer International last week, and dairy firm Vinamilk (VNM), which gained 2.4 per cent.
Other key sectors on the market were the property sector, whose index rose 1.1 per cent on foreign purchases, led by the biggest firm Vingroup JSC (VIC), which jumped 2.6 per cent.
The two local exchanges traded more than 187.7 million shares worth nearly VND2.7 trillion ($118.6 million), an increase of one-third from last week's average trading value.
