Vietnam stocks mixed as oil prices slip
Vietnamese shares on March 25 were mixed on the two local markets, while energy stocks continued to drag markets down as oil prices dropped.
Investors on SSI’s exchange floor. (Photo: VNA)Hanoi(VNA) - Vietnamese shares on March 25 were mixed on the two local markets, while energy stocks continued to drag markets down as oil prices dropped.
The benchmark VN Index on the HCM Stock Exchange bounced 0.3 percent from March 24 to close at 572.08 points. The southern index has dropped 0.6 percent from the previous week.
The HNX Index on the Hanoi Stock Exchange dropped 0.6 percent to finish at 79.73 points, extending a two-day loss of 1 percent. The northern index fell 1.1 percent during the week.
The energy sector fell for a second day as global oil prices slid further. US benchmark West Texas Intermediate (WTI) dropped 0.8 percent to trade at 39.46 USD a barrel, and London-traded Brent crude inched down 0.1 percent to trade at 40.44 USD a barrel.
Among energy stocks, PetroVietnam Drilling and Well Service Corporation (PVD) lost 2 percent, and PetroVietnam Coating Corporation (PVB) and PetroVietnam Technical Service Corporation (PVS) were down 1.3 percent and 1.8 percent, respectively.
Brokerage firms also pulled markets down. The two biggest stocks, Sai Gon Securities Incorporation (SSI) and HCM City Securities Corporation (HCM), declined by 0.9 percent and 1.9 percent, while Sai Gon-Hanoi Securities Corporation (SHS) and VNDirect Securities Corporation (VND) lost 1.5 percent and 1.8 percent.
Other big listed companies such as dairy firm Vinamilk (VNM), software producer FPT Corporation (FPT) and Hoang Anh Gia Lai Agricultural JSC (HNG) also weighed on the markets.
VNM decreased by 0.7 percent after rising 1.5 percent in the two previous days, while FPT dropped 1 percent and HNG was down 1.1 percent.
However, banks and property developers lifted the national stock market, led by Vietcombank (VCB), the Bank for Investment and Development of Viet Nam (BID) and property developer Vingroup JSC (VIC). They rose 1.7 percent, 0.6 percent and 1.6 percent, respectively.
Market liquidity remained high. Both local exchanges traded more than 219 million shares worth 3 trillion VND (133.6 million USD), a decrease of 7.2 percent from the trading value on March 24.-VNA
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