Profit-taking pulls market down from 9-day rally
Profit-taking pulls market down from 9-day rally
Vietnamese shares slid in the early session as increased sell orders helped investors book short-term profits after the market earlier witnessed nine consecutive days of increase.
The benchmark VN Index on the HCM Stock Exchange dropped 0.4 per cent to close at 685.99 points and the HNX Index on the Ha Noi Stock Exchange inched down 0.1 per cent to 84.96 points.
Rising pressure from profit-taking was witnessed yesterday, before energy stocks rescued the market at the near-end period of the session.
According to some brokerage firms, the decline is normal, especially with the market rallying in the previous nine consecutive sessions.
Financial stocks, led by banks and securities companies, continued to suffer losses, following the significant gains they made recently.
Vietinbank (CTG) edged down 0.6 per cent, Bank for Investment and Development of Viet Nam (BID) was down 0.9 per cent and Asia Commercial Bank (ACB) slipped 0.5 per cent.
Brokerage firms Bao Viet Securities Corp (BVS), HCM Securities Corp (HCM) and Sai Gon-Ha Noi Securities Corp (SHS) were among the worst decliners.
Energy stocks were being traded lower as crude prices retreated from a two-day gain after the Organisation of Petroleum Exporting Countries made its first cut in production level in the last eight years.
The fall in crude prices pulled down leading oil and gas firms such as PetroVietnam Gas Corp (GAS) and PetroVietnam Drilling and Well Services Corp (PVD).
Both local exchanges saw more than 72 million shares being traded worth VND1.55 trillion (US$68.8 million).
