VN stocks retreat for a second day
VN stocks retreat for a second day
Vietnamese shares yesterday extended losses for a second session as stocks continued to retreat after they had made significant gains in the previous sessions.
The benchmark VN Index on the HCM Stock Exchange dropped 1.1 per cent to finish at 660.26 points, decreasing 2 per cent in the last two days.
The HNX Index on the Ha Noi Stock Exchange slipped 0.9 per cent to close at 85.49 points, down 1.8 per cent in total after two sessions.
"The markets fell for a second day as investors continued to seek short-term profits in stocks that had made significant gains recently," Sai Gon-Ha Noi Securities Corp (SHS) wrote in its daily report.
Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC), Dream House Investment Corp (DRH) and Vingroup JSC (VIC) weighed on the real estate sector.
HQC slid another 1.8 per cent to extend a two-day loss of 3.6 per cent after rising 9.8 per cent in four days.
DRH and VIC respectively lost 6.8 per cent and 3.8 per cent, totaling a loss of 12.8 per cent and 9.1 per cent after their hit the highest-ever prices at VND78,000 and VND55,000 per share on July 13.
The insurance sector was pulled down by Bao Viet Holdings (BVH) and Bao Minh Insurance Corp (BMI) and Petrolimex Insurance Corp (PGI).
BVH lost 3.9 per cent from a six-day increase of 7.6 per cent, BMI edged down 0.4 per cent from a five-day gain of 8.6 per cent and PGI slid 2.2 per cent after it had risen 6.5 per cent in the previous three days.
Mobile World Investment Corp (MWG), one of the biggest retailers, plunged 5 per cent after it was up 2.2 per cent in the previous two days.
Saigon Securities Inc (SSI) was down 1.7 per cent from a two-day gain of 2.6 per cent, and VNDirect Securities Corp (VND) slipped 0.7 per cent after rising 3 per cent in the previous three days.
Among stocks that helped lift the markets, Viet Nam Dairy Products JSC (VNM) jumped 3.3 per cent after the State Securities Commission approved the company remove the limit of foreign ownership for foreign investors.
Cuu Long Pharmaceutical JSC (DCL) surged 6.3 per cent after the company announced its after-tax profits for the second quarter and first half of the year increased by 21 per cent and 41 per cent year on year, respectively.
Investors traded more than 174.6 million shares worth nearly VND2.9 trillion, a decrease of nearly 19 per cent in trading value from Tuesday.
