Banks, insurers drag markets down again
Shares declined for a second day on November 17 as banks and insurance companies led the market downturn.
Staff at Hanoi Stock Exchange check-up and supervise the results of a Government bond auction. (Photo: VNA)On the HCM Stock Exchange, the benchmark VN-Index lost 0.7 percent to close at 605.1 points. It was down 0.3 percent on the previous day.
Five of the nine listed banks lost value, with Military Bank (MBB) being the biggest loser with a 1.4-percent decrease while others like Bank for Investment and Development of Vietnam (BID), Eximbank (EIB), Vietinbank (CTG) and Asia Commercial Bank (ACB) inched down by less than 1 percent.
Among the seven publicly-traded insurers, four slumped, two closed unchanged and only one gained.
Vietnam National Reinsurance (VNM) lost over 3 percent while Bao Viet Holdings (BVH) slipped 1.8 percent, and BIDV Indurance (BIC) and PVI Holdings (PVI) decreased 1.4 percent and 1.2 percent, respectively.
Vinamilk (VNM), Vietnam's biggest dairy producer as well as the biggest listed company, also lost 4.3 percent on November 16 after a five-day rally. The shares rose 10.2 percent in the past five days.
At the other end of spectrum, energy stocks rebounded. The biggest energy firm PV Gas (GAS) increased over 0.9 percent while others such as PetroVietnam Drilling and Well Services Corporation (PVD) and PetroVietnam Southern Gas (PGS) advanced 2.5 percent and 1.6 percent, respectively.
By contrast, on the smaller exchange in Hanoi, the HNX Index recouped 0.1 percent to end at 81.1 points after going down 0.6 percent on November 16.
The overall liquidity increased with a total of 237 million shares worth 3.5 trillion VND (156.3 million USD) being traded in the two markets on November 17, up 25.4 percent in volume and 8.4 percent in value over the levels on November 16.-VNA
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