Stocks retreat from two-day gains
Stocks retreat from two-day gains
Vietnamese shares yesterday pulled back on both local exchanges after rising sharply over the past two days as investors sought profits from property developers.
The benchmark VN Index on the HCM Stock Exchange inched down 0.2 per cent to close at 591.58 points. The southern index jumped 4.3 per cent in the previous two days.
The HNX Index on the Ha Noi Stock Exchange ended slightly lower at 80.92 points after rising 2 per cent during the same period.
The property sector was the factor that drove markets down yesterday as property firms declined from their recent gains.Vingroup JSC (VIC) slumped 3.7 per cent after VIC surged 9.7 per cent in the previous three sessions.
Thu Duc Housing Development Corp (TDH) was down 0.7 per cent from a two-day gain of 3.7 per cent.
Additionally, local energy stocks suffered losses from a fall in oil prices on concerns that a global glut will be prolonged as Middle East players boost production to maintain current market shares.
US crude West Texas Intermediate (WTI) retreated 1.2 per cent from a four-day jump of 9.9 per cent last week to trade at US$43.19 a barrel, and London-traded Brent crude slid 1 per cent to trade at $44.66 a barrel.
Energy stocks that saw declines included PetroVietnam Gas Corp (GAS), PetroVietnam Coating Corp (PVB) and PetroVietnam Technical Service Corp (PVS).
Those stocks fell 2.4 per cent, 6.5 per cent and 1.7 per cent, respectively.
Two blue chips in the food and beverage industry, dairy firm Vinamilk (VNM) and food producer Masan Group (MSN), also declined.
MSN was down 0.7 per cent, extending a loss of 2.1 per cent for a second day. VNM also lost 0.7 per cent after gaining 2.9 per cent in the previous two days.
On the other hand, financial firms boosted both markets as foreign investment continued to focus on these stocks.
Vietcombank (VCB), Vietinbank (CTG), Sacombank (STB) and the Bank for Investment and Development of Viet Nam (BID) lifted the banking industry with gains of 0.4 per cent, 1 per cent, 1.8 per cent and 2.9 per cent, respectively.
Insurer Bao Viet Holdings (BVH) added 0.9 per cent and BIDV Insurance Corp (BIC) was up 0.5 per cent after the company announced it will allow foreign investors to own more stakes in the capital.
Two companies in the agricultural sector, Hoang Anh Gia Lai JSC (HAG) and HAGL Agricultural JSC (HNG), surged 5.7 per cent and 5.8 per cent, respectively, after they received positive support from creditors in dealing with the companies' total debts.
Both local markets exchanged more than 210 million shares worth VND3.77 trillion ($167.8 million), an increase of nearly one-third from last week's daily trading value.
