Stocks down on banks, oil stays stable
Stocks down on banks, oil stays stable
Vietnamese shares yesterday retreated from Monday's gains as individual companies declined on bad news in their business activities and lower oil prices extended losses for a second day.
The benchmark VN Index on the HCM Stock Exchange and the HNX Index on the Ha Noi Stock Exchange dropped 0.9 per cent each to finish at 667.76 points and 86.25 points, respectively.
Viet Nam Import-Export Commercial Joint Stock Bank (EIB) declined by 2.4 per cent from a four-day surge of nearly 14 per cent after it proposed shareholders approve the target net profit of VND400 billion (US$17.8 million) for 2016. This figure is nearly half that previously expected, which was VND720 billion.
Two other large-cap banks, which are the Bank for Investment and Development of Viet Nam (BIDV) and Sai Gon Thuong Tin Commercial Joint Stock Bank (STB), also recorded losses after recent gains.
BIDV slumped 3.2 per cent after it had risen 5.7 per cent in total during the previous four sessions and STB plunged 4.1 per cent after a four-day increase of 8 per cent.
Real estate and retail corporation Vingroup JSC (VIC) also weighed on local markets as it fell 3.7 per cent after the company announced its subsidiary had suspended the loan swap of VND1.2 trillion with furniture firm Truong Thanh Furniture Corp (TTF).
TTF yesterday plunged 6.7 per cent. The furniture firm had soared nearly 19 per cent during the previous four trading days.
Oil stocks yesterday pulled back after crude extended a two-day decrease on global trading.
US crude West Texas Intermediate (WTI) was being traded at $45.08 a barrel, down 0.4 per cent from Monday and 1.9 per cent from Friday.
London-traded Brent crude slid 0.5 per cent to trade at $46.74 a barrel, totaling a two-session decrease of 1.8 per cent.
Local oil stocks such as PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Coating Corp (PVB) slipped between 1 per cent and 2.4 per cent.
On the opposite side, Viet Nam Dairy Products JSC (VNM) added another 2 per cent to hit a new high of VND153,000 since it began listing in late January 2006.
Two large-cap financial stocks, Joint Stock Commercial Bank for Foreign Trade of Viet Nam (VCB) and insurance firm Bao Viet Holdings (BVH), also made gains.
Investors traded more than 192.6 million shares worth VND3.57 trillion, an increase of nearly 16 per cent in trading value from the previous session.
