Financial firms pull markets down
Vietnamese shares on April 27 retreated on both local bourses as investors tried to look for profits in financial stocks.
Investors on the ACBS exchange floor (Source:VNS)The benchmark VN Index on the HCM Stock Exchange fell 0.8 percent to close at 593.96 points and the HNX Index on the Hanoi Stock Exchange dropped 0.9 percent to finish at 80.29 points.
“Blue chips in the financial sector saw declines after investors tried to pick some profits in the stocks that had made gains previously,” Saigon-Hanoi Securities Corp (SHS) wrote in its report.
The three largest financial stocks – Vietcombank (VCB), insurer Bao Viet Holdings (BVH) and Saigon Securities Inc (SSI) – stepped back from their recent gains.
VCB on April 27 dropped 2.5 percent after the stock jumped 11.3 percent in the previous five trading days.
BVH also pulled back 2.5 percent from a five-day surge of 16.7 percent, and SSI slipped 2.2 percent after it made a three-day gain of 5.7 percent.
Other large-cap stocks in the financial sector such as the Bank for Investment and Development of Vietnam (BID), Saigon-Hanoi Bank (SHB), HCM City Securities Corp (HCM) and IB Securities Corp (VIX) also saw falls in their stock values.
The property industry also suffered from the same reason as the banking sector. Nam Long Investment Corp (NLG) was down 0.4 percent from a three-day increase of 3.1 percent, and Development Investment Construction JSC (DIG) slumped 3.4 percent from a four-day jump of 14 percent.
Meanwhile, Vingroup JSC (VIC) and Becamex Infrastructure Development JSC (IJC) retreated from their gains on April 25.
Machinery producer Viet Duc Welding Electrode JSC (QHD) dropped 7.2 percent after rocketing 31 percent in the previous three sessions, while seafood company Hung Vuong JSC (HVG) slid 2.7 percent after jumping 11 percent in three days.
On the opposite side, energy stocks helped lift the markets after crude prices continued recovering as US industry data reported a decline in stockpiles.
US crude West Texas Intermediate (WTI) added 2.1 percent to trade at 44.97 USD a barrel and London-traded Brent crude advanced 2.3 percent to trade at 46.77 USD a barrel.
Local energy stocks such as PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD), PetroVietnam Technical Service Corp (PVS) and PetroVietnam Coating Corp (PVB) made gains.
Both local markets traded nearly 195 million shares worth 3.56 trillion VND (158 million USD), a decrease of eight percent from previous day’s trading value.-VNA
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