Viet Nam stocks fall, led by banks, food companies
Viet Nam stocks fall, led by banks, food companies
Vietnamese shares fell yesterday in HCM City, led by banks and food companies.
The benchmark VN Index on the HCM Stock Exchange pulled back 0.7 per cent to close at 560.37 points while the HNX Index on the Ha Noi Stock Exchange ended flat at 76.66 points.
The food and beverage producer sector index helped pull the market down as dairy firm (VNM) and food and beverage company Masan Group (MSN) fell 1.6 per cent and 2 per cent after Tuesday's gains.
Financial firms also declined yesterday, including banks, brokerage companies and insurers, after they made big gains on Tuesday.
Among leading financial firms, the Bank for Investment and Development of Viet Nam (BID) lost 1.6 per cent, Vietcombank (VCB) was down 0.9 per cent, insurer Bao Viet Holdings (BVH) fell 1 per cent, and brokerage firm HCM City Securities Corporation (HCM) dropped 1.1 per cent.
Yesterday, Viet Nam's central bank cut its reference point for exchange rate by VND4 to VND21,909 a dollar. However, the dong weakened as banks traded the dollar at around VND22,455, an increase of VND10-15 from Tuesday.
The agriculture sector index slid 1.9 per cent as the biggest agricultural stock, Hoang Anh Gia Lai JSC (HAG), fell 3.5 per cent after it gained 18 per cent during the previous five sessions.
On the positive side, energy stocks made gains after US benchmark crude West Texas Intermediate (WTI) rose 1.9 per cent from a twelve-year low to trade at US$31.01 a barrel yesterday. WTI had dropped 18 per cent since the end of last year before yesterday's increase.
Leading energy stocks such as PetroVietnam Gas Corporation (GAS), PetroVietnam Drilling and Well Services Corporation (PVD), and PetroVietnam Technical Services Corporation (PVS) added 0.9 per cent, 2.7 per cent and 0.7 per cent, respectively.
The two local markets traded more than 169 million shares worth VND2.2 trillion ($96 million), an increase of 6.2 per cent from Tuesday, but less than 2015's daily average of VND2.5 trillion ($109.17 million).
