VN Index falls after previous rally
VN Index falls after previous rally
Vietnamese shares were mixed yesterday on the two local exchanges, while investors tried to take profits from banks after these stocks made good gains last week.
The benchmark VN Index on the HCM Stock Exchange pulled back 0.4 per cent from a four-day rally of 2.5 per cent to close at 603.85 points.
The HNX Index on the Ha Noi Stock Exchange managed to rise slightly to close at 80.40 points, ending a three-day fall of 0.4 per cent."Banks were the major factor that drove the VN Index down yesterday as investors tried to look for profits in bank stocks after they made good gains last week," Sai Gon-Ha Noi Securities Corp (SHS) wrote in its daily report.
The three largest banks – Vietcombank (VCB), the Bank for Investment and Development of Viet Nam (BID) and Vietinbank (CTG) – struggled against selling pressure from investors.
VCB fell 1.2 per cent from a three-day gain of 5.7 per cent and BID dropped 1.7 per cent from a two-day rise of 4.6 per cent, while CTG struggled to remain flat.
In the financial sector, other stocks such as HCM City Securities Corp (HCM) and the Pan Group JSC (PAN) also saw declines.
HCM inched down 0.2 per cent after it rose 3.2 per cent during the previous three sessions and PAN decreased by 3.6 per cent to extend a loss of 4.9 per cent after it rocketed 18 per cent in seven trading days.
Profit-taking was also seen in other stocks such as property developers Vingroup JSC (VIC) and Nam Long Investment Corp (NLG), consumer goods producer Masan Group (MSN), textile businesses Mirae JSC (KMR) and Thanh Cong Textile Garment Investment Trading JSC (TCM), and seafood company Hung Vuong JSC (HVG).
VIC retreated 1 per cent, NLG decreased by 1.7 per cent, MSN slipped 1.4 per cent, KMR dipped 3 per cent, TCM slid 2.6 per cent and HVG slumped 2.9 per cent.
On the opposite side, dairy firm Vinamilk (VNM), PetroVietnam Gas Corp (GAS), Asia Commercial Bank (ACB), Sai Gon-Ha Noi Bank (SHB) and Kim Long Securities Corp (KLS) helped lift the markets.
VNM added 1.4 per cent, ACB was up 1.1 per cent, SHB rose 1.6 per cent, and GAS and KLS advanced 1 per cent each.
Both local markets combined traded more than 189.5 million shares worth VND3.565 trillion (US$158.4 million), an increase of one-fifth from last week's daily trading value.
