VN Index down after seven day rally
VN Index down after seven day rally
Vietnamese shares were mixed yesterday, while investors tried to take profits from stocks after their recent gains.
The benchmark VN Index on the HCM Stock Exchange finished at 649.46 points, pulling back 0.2 per cent from a seven-day rally of 4.9 per cent.
The HNX Index on the Ha Noi Stock Exchange rose 0.9 per cent to end at 86.70 points, extending a gain of 2.3 per cent for a fourth day. The northern market index has jumped 3.8 per cent in the last seven sessions.
Blue chips on stock markets ran into profit taking after they made strong gains in the previous sessions, including banks, dairy producer Vinamilk and consumer goods producer Masan Group.
Vietcombank (VCB) fell 1 per cent after it jumped 9.3 per cent in the previous six trading days, Vietinbank (CTG) dropped 1.1 per cent from a three-day gain of 3.6 per cent, and the Bank for Investment and Development of Viet Nam (BID) edged down 0.6 per cent following a two-day increase of 3.4 per cent.
Masan Group (MSN) was down 0.7 per cent after it increased by 1.5 per cent in the previous three days, and Vinamilk (VNM) lost 0.7 per cent to decline for a second day from its highest-ever value of VND145,000 (US$6.44).
Most of the biggest securities companies, which had made strong gains since the beginning of the week, ended flat and hardly had any positive impact on stock markets.
Lower oil prices pushed energy stocks down for a second day. US crude West Texas Intermediate (WTI) declined by 1.2 per cent to trade at $46.06 a barrel, losing a total 6 per cent in the last two days.
Energy stocks that saw declines included PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Technical Service Corp (PVS), which were down 1.5 per cent, 1.9 per cent and 0.5 per cent, respectively.
On the positive side, the markets were lifted as property developer shares continued to increase on expectations that they would announce higher results for the second quarter.
Kinh Bac City Development Share Holding Corp (KBC) and Sai Gon Thuong Tin Real Estate JSC (SCR) helped drive the sector up. KBC and SCR surged 6.5 per cent and 7 per cent, respectively.
Construction firms such as Coteccons Construction JSC (CTD), LDG Investment JSC (LDG) and Viet Nam Construction No 2 JSC (VC2) made gains.
Investors traded 212.6 million shares worth VND3.82 trillion ($170 million), a slight decrease from Tuesday's trading value.
