VN stocks retreat on profit-taking
VN stocks retreat on profit-taking
Shares fell yesterday to end a three-day rally as investors tried to lock in profits and choppy crude prices resulted in a negative move for the energy sector.
The benchmark VN Index on the HCM Stock Exchange dropped 0.7 per cent to close at 678.18 points, putting a dent in its three-day increase of 1.5 per cent.
The HNX Index on the Ha Noi Stock Exchange edged down 0.3 per cent to finish at 81.18 points. The northern market index had gained 1 per cent in the previous three sessions.
Blue chips were the major force that pushed the stock market down, with seven of the 10 largest companies by market capitalisation ending in the negative territory.
Those included Vietcombank (VCB), Bank for Investment and Development of Viet Nam (BID), Vietinbank (CTG), Faros Construction Corp (ROS) and dairy producer Vinamilk (VNM).
VCB was down 0.8 per cent after rising a total 2.1 per cent in the previous three trading days, BID slid 0.6 per cent after gaining 5.2 per cent in the same period, and CTG slashed 2.1 per cent from its gain of 3.1 per cent.
VNM fell 1.7 per cent to extend its loss to 2.8 per cent after two sessions, and ROS slumped 6.6 per cent – the worst fall since it was listed on the southern bourse in September 1. Faros’ share price soared more than nine times the starting price on September 1 to VND118,000 yesterday.
The energy sector was mixed with most of the oil and gas stocks ending lower than Wednesday’s closing levels in response to choppy global crude prices uncertain whether the Organisation of Petroleum Exporting Countries could agree on an output cut at its November 30 meeting.
US crude West Texas Intermediate (WTI) and Brent crude added 0.2 per cent each to trade at around US$48-49 a barrel.
Market trading liquidity was almost flat compared to Wednesday. Nearly 160 million shares were exchanged worth VND2.78 trillion ($123.7 million).
