VN stocks end mixed for a second day
VN stocks end mixed for a second day
Vietnamese shares were mixed for a second day as blue chips fell on late selling and energy stocks rebounded on rising crude prices.
The benchmark VN Index inched down 0.1 per cent to finish at 663.90 points, erasing gains made during the session.
Yesterday's slight fall also marked the third downward session for the southern index with a total loss of 1.6 per cent.
The HNX Index on the Ha Noi Stock Exchange rose 0.2 per cent to close at 84.35 points, extending a gain of 0.4 per cent for a second day.
"Large-cap stocks continued to suffer from late selling, which was the major factor that pushed markets away from early gains," BIDV Securities Co (BSC) wrote in its daily report.
Dairy firm Vinamilk (VNM) yesterday fell 2.6 per cent, Bank for Investment and Development of Viet Nam (BID) edged down 0.3 per cent, and insurer Bao Viet Holdings (BVH) dropped 0.8 per cent.
"Steel companies such as Hoa Sen Group (HSG) and Nam Kim Steel JSC (NKG) showed signs of correction after having risen recently," BSC said.
HSG lost 2 per cent from a four-day rally of 8.4 per cent and NKG plunged 6.9 per cent after surging 14 per cent in the previous four sessions.
Pharmaceutical firms were driven down by Duoc Hau Giang Pharmaceutical JSC (DHG) and Domesco Medical Import Export Corp (DMC), which in turn fell 2 per cent and 6.8 per cent.
DHG had gained 6.4 per cent in the previous sessions, while DMC slumped 6.8 per cent to total a two-day decline of 7.8 per cent after jumping 13.6 per cent in three trading days.
Foreign investors remained net sellers yesterday, focusing on blue chips, and that also weighed on the market. Foreign net sell value yesterday was VND162.86 billion (US$7.23 million).
Viet Nam's central bank yesterday reduced its daily reference mid-point rate for currency-exchange trading between the Vietnamese dong and the US dollar by VND3 to VND21,922 for a dollar.
On the positive side, energy stocks rebounded as crude prices increased for a third day and consumer goods producer Masan Group began its share buyback activity.
US crude West Texas Intermediate was being traded at $44.94 a barrel, up 1.1 per cent from Monday. US crude has gained 4.1 per cent since Thursday.
Benefiting from higher oil prices, PetroVietnam Gas Corp (GAS) advanced 1.6 per cent and PetroVietnam Technical Services Corp (PVS) added 1.9 per cent.
Consumer goods producer Masan Group (MSN) increased by 1.5 per cent as its one-month share buyback programme began yesterday.
Investors exchanged more than 155 million shares worth VND3.43 trillion, a slight increase from Monday's trading liquidity.
