VN stocks down on lower oil prices
VN stocks down on lower oil prices
Vietnamese shares were mixed on the two local exchanges yesterday, while energy stocks suffered from a recent decline in global crude prices.
The benchmark VN Index on the HCM Stock Exchange inched up 0.1 per cent to close at 599.07 points, extending a two-day increase of 1.3 per cent. The HNX Index on the Ha Noi Stock Exchange closed at 80.67 points, nearly flat after Friday's gains.
The energy sector drove markets down yesterday after global crude prices fell from their highest values since the beginning of the year, set on Thursday.
US crude West Texas Intermediate (WTI) and London-traded Brent crude yesterday gained 0.4 per cent each to trade at US$43.84 and $45.13 a barrel, respectively.
US crude has posted a decrease of 4.8 per cent since Thursday and Brent crude recorded a slump of 6.3 per cent.
The biggest energy stocks all saw declines. PetroVietnam Gas Corp (GAS), PetroVietnam Technical Service Corp (PVS) and PetroVietnam Coating Corp (PVB) slipped between 1 and 3 per cent.
The markets also saw losses in the property sector, which was led down by Kinh Bắc City Development Share Holding Corp (KBC) and Tan Tao Investment Industrial JSC (ITA).
KBC was down 0.7 per cent and ITA dropped 2.2 per cent after the two companies announced lower profits in the first quarter of 2016 compared with the same period last year.
In the agriculture sector, Hong Anh Gia Lai JSC (HAG) and its member company HAGL Agriculture JSC (HNG) slumped 6.2 per cent and 5.9 per cent, respectively, after announcing less earnings in this year's first quarter.
Additionally, the Bank for Investment and Development of Viet Nam (BID), Eximbank (EIB), KLF Joint Venture Investment International JSC (KLF), Quang Nam Rubber Investment JSC (VHG), Tay Ninh Rubber JSC (TRC) and IT firm FPT Corp (FPT) also helped pull markets down.
At the end of the day, BID fell 1.1 per cent, EIB 1.9 per cent, KLF 2.9 per cent, VHG 5.7 per cent, TRC 4.2 per cent and FPT 1 per cent.
On the opposite side, Vietcombank (VCB), steel producers such as Hoa Phat Group (HPG) and Hoa Sen Group (HSG), dairy firm Vinamilk (VNM) and food producer Masan Group (MSN) rose.
VCB rose 0.2 per cent, HPG and HSG rose 4.5 per cent and 6.4 per cent, VNM 2.2 per cent and MSN 1.4 per cent.
Both local markets traded more than 188 million shares worth VNĐ2.95 trillion ($131 million), a decrease of 11 per cent from last week's daily trading value.
