Vietnamese shares retreat from recent rallies
Vietnamese shares dropped on both local markets on May 18 as investors took profits from blue chip gains and energy stocks fell on bumping oil prices.
An investor watches market movements at Bao Viet Securities Corp in Hanoi. (Photo: VNA)Hanoi (VNA) - Vietnamese shares dropped on both local markets on May 18 as investors took profits from blue chip gains and energy stocks fell on bumping oil prices.
The benchmark VN Index on the HCM Stock Exchange retreated 0.4 percent from two-day gains of 2.3 percent to finish at 622.45 points.
The HNX Index on the Hanoi Stock Exchange ended a five-day rally of 2.5 percent to close at 82.19 points, slightly lower than the previous session.
Dairy firm Vinamilk (VNM), insurer Bao Viet Holdings (BVH), Saigon Thuong Tin Joint Stock Commercial Bank (STB), Saigon Securities Inc (SSI) and Tien Phong Plastic JSC (NTP) dragged the markets down as they suffered from profit-taking pressure after recent gains, Maritime Securities Inc (MSI) wrote in its daily report.
VNM dropped 1.4 percent after rising 2.1 percent in the previous two days, BVH pulled back 2.4 percent from a two-day surge of 7.7 percent.
STB lost 0.8 percent after it rocketed more than 23 percent during the previous four sessions, SSI was down 0.5 percent from a two-day jump of 3 percent, and NTP slipped 1.3 percent after it recorded a slight increase of 0.4 percent in the previous three days.
The decline of those stocks also triggered other blue chips on the two local exchanges to decline further such as property Vingroup JSC (VIC), Vietnam Joint Stock Commercial Bank for Industry and Trade (CTG), insurer PVI Holdings (PVI) and Vicostone JSC (VCS).
Energy stocks declined from recent gains as global oil prices were choppy.
US crude West Texas Intermediate (WTI) rose 0.3 percent to trade at 48.47 USD a barrel after tumbling from a seven-month high of 48.31 USD a barrel reached on May 17, and London-traded Brent crude inched up 0.1 percent to trade at 49.35 USD a barrel.
Most energy stocks slipped after they had climbed higher in the previous trading days. PetroVietnam Gas Corp (GAS) lost 1.7 percent, while energy stocks that are listed on the northern bourse declined between 2 percent and 2.6 percent.
On the opposite side, Hoang Anh Gia Lai JSC (HAG) and its subsidiary HAGL Agricultural JSC (HNG) continue to rise from previous day’s gains. They surged 6.3 percent and 6.4 percent, respectively.
Both local markets traded more than 185.7 million shares worth 3.15 trillion VND (140 million USD), a slight decrease from previous day’s trading value.-VNA
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