VN Index struggles to rise, banks hit
VN Index struggles to rise, banks hit
Viet Nam’s benchmark VN Index struggled to rise on Monday morning as most of the leading sectors were hit by investor selling.
The southern market index inched up 0.2 per cent to close at 723.68 points. It had dropped 0.2 per cent on Friday.
More than 104 million shares were traded on the southern bourse, worth VND2.13 trillion (US$93.65 million).
Dairy producer Vinamilk (VNM), brewer Sabeco (SAB), Faros Construction Corp (ROS) and brokerage firms HCM City Securities Corp (HCM) and Sai Gon Securities Inc (SSI) lifted the southern bourse.
VNM and SAB edged up 0.5 per cent each, ROS gained 0.9 per cent, HCM advanced 2.8 per cent and SSI increased by one per cent.
In the banking-finance sector, only Eximbank (EIB), Sacombank (STB) and BIDV Insurance Corp (BIC) made gains. STB surged seven per cent on speculation that property developer Nova Group has proposed that the central bank buy 20 per cent stake in Sacombank.
Others such as BIDV (BID), Vietinbank (CTG), Bao Viet Holdings (BVH) and Bao Minh Insurance Corp (BMI) declined.
Energy stocks, including PetroVietnam Drilling and Well Services (PVD), were negative following the decline of oil prices.
On the Ha Noi Stock Exchange, the HNX Index fell 0.4 per cent to close at 90.49 points. It declined by 0.3 per cent on Friday.
More than 20.8 million shares were traded on the northern bourse, worth VND259.6 billion.
