Shares slump on profit-taking
Shares slump on profit-taking
Shares declined following a three-day winning streak as traders increased selling of large-cap stocks to earn short margin profits.
On the HCM Stock Exchange, the VN-Index was down 0.7 per cent to close morning trade at 682.9 points. The index gained one per cent in the last three sessions.
On the Ha Noi Stock Exchange, the HNX-Index decreased 0.9 per cent to end at 85.2 points. It climbed over 1.4 per cent in the past three days.
Blue chips tumbled this morning as just three of the top 30 shares by market value on the HCM City's exchange rallied while 24 plunged.
Only energy stocks maintained their rise after West Texas Intermediate (WTI) oil yesterday surpassed US$50 per barrel for the first time since June, confirming the strong influence of OPEC's agreement to cut down oil supply on the oil prices.
PV Gas (GAS) and PetroVietnam Drilling and Wells Service (PVD), the two largest listed oil and gas shares, gained 0.7 per cent and 1.8 per cent, respectively. Other smaller firms such as Petroleum Equipment Assembly & Metal Structure (PXS) and PetroVietnam Technical Services (PVS) increased by less than one per cent.
Overall market condition was negative with 260 stocks falling, 125 rising and 306 closing unchanged.
A total of 111 million shares worth a combined VND1.94 trillion ($87 million) were traded on the two markets.
Afternoon trade starts at 1pm.
