VN stocks drop for third day
VN stocks drop for third day
Vietnamese shares fell again yesterday, led by Vinamilk – the largest milk producer, brokerage firms and insurance companies.
The benchmark VN Index on the HCM Stock Exchange inched down 0.1 per cent to finish at 659.57 points. The southern market index has fallen 2.1 per cent in the last three sessions.
The HNX Index on the Ha Noi Stock Exchange dropped 1 per cent to end at 84.63 points, extending a three-day loss of 2.8 per cent.
Viet Nam Dairy Products JSC (VNM) edged down 0.6 per cent from a four-day rally of 8.2 per cent.
The brokerage sector was the worst-hit business on the market as Sai Gon Securities Inc (SSI) and Vietinbank Securities Corp (CTS) announced lower net profits during the first six months compared to the previous year.
SSI lost 3 per cent after the largest securities firm reported its net profit in the first six months dropped a quarter from last year's figure. In the second quarter, SSI earned a net profit of VND305.4 billion (US$13.67 million), down 15 per cent year on year.
CTS slumped 4.4 per cent after the company recorded a year-on-year 16-per-cent drop in its first-half net profit. The company also announced its net profit in the last quarter was nearly half of the number last year.
Other top securities firms such as HCM City Securities Corp (HCM), Bao Viet Securities Corp (BVS) and VNDirect Securities Corp (VND) also declined.
Auto and auto-part dealer Hoang Huy Investment Services JSC (HHS) slumped 3.4 per cent after the company announced its net profit between April and June was VND27.6 billion, half of the figure recorded in the first quarter. Truong Thanh Furniture Corp (TTF) continued to plunge 6.9 per cent after the company failed to provide reasons for shareholders at a Wednesday meeting on the suspension of a loan swap worth of VND1.2 trillion between TTF and Tan Lien Phat, a subsidiary of property developer Vingroup.
On the opposite side, banks and property developers helped markets avoid further losses.
Among banks, Joint Stock Commercial Bank for Foreign Trade of Viet Nam (VCB) and Sai Gon Thuong Tin Joint Stock Commercial Bank (STB) gained 0.9 per cent each.
Additionally, Vingroup JSC (VIC), Nam Long Investment Corp (NLG) and Phat Dat Real Estate Development Corp (PDR) increased to lift the property sector.
Investors exchanged more than 151.6 million shares worth VND2.87 trillion, slightly down from Wednesday's trading value.
