Large-cap stocks push market down
Large-cap stocks push market down
Vietnamese shares finished lower on the two local exchanges yesterday as large-cap companies retreated from their recent gains.
The benchmark VN Index on the HCM Stock Exchange dropped 0.3 per cent to close at 620.05 points, losing a total of 0.5 per cent in the last two sessions.
The HNX Index on the Ha Noi Stock Exchange ended slightly down at 82.65 points to cut a six-day rally of 2 per cent.
14 out of 20 sectors on the stock market stayed in negative territory with property developers, brokerage firms, energy companies, and food and beverage producers being among the strongest decliners.
The property sector was driven down by Vingroup JSC (VIC), Khang Dien House Trading and Investment JSC (KDH) and Da Lat Real Estate JSC (DLR).
VIC was down 0.9 per cent from a three-day gain of 2.9 per cent, KDH dropped 1.3 per cent to erase a two-day gain, and DLR slumped 3.3 per cent after surging 22 per cent in the previous four days.
Other stocks such as FLC Group JSC (FLC), Tan Tao Investment and Industry Corp (ITA), and Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC) also saw declines.
PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Technical Services Corp (PVS) weighed on the energy sector despite oil prices increasing on expectations that the global glut will fall faster than expected.
PVD pulled back 1.5 per cent from a five-day increase of 11.3 per cent and PVS edged down 0.5 per cent after rising 2.2 per cent in the previous two sessions.
Other large-cap stocks such as financial service provider FIT Investment JSC (FIT), seafood firm Hung Vuong Corp (HVG) and Da Nang Rubber JSC (DRC) also retreated from their previous consecutive gains.
Steel producers showed signs of significant decline after they have recorded sharp gains in the past few months, including Hoa Phat Group JSC (HPG), Hoa Sen Group (HSG), Viet Nam-Italy Steel JSC (VIS) and Tien Len Steel Corp JSC (TLH).
On the positive side, banks and insurance firms helped lifted investor confidence.
Among banks, Sai Gon Thuong Tin Commercial Bank (STB) surged 6.2 per cent, while the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (VCB) and the Asia Commercial Bank (ACB) gained 1.1 per cent each.
The insurance business was boosted by Bao Viet Holdings (BVH) and Post and Telecommunication Joint Stock Insurance Corp (PTI), which rose 2.5 per cent and 9.8 per cent, respectively.
Both local markets traded nearly 178 million shares worth VND2.84 trillion (US$126.2 million), an increase of 6.8 per cent from last week's daily trading value.
