Vietnam’s stocks down on lower oil prices

Traders track stock movements at Alpha Securities JSC’s exchange floor. (Photo: VNA)

Hanoi (VNA) - Vietnamese shares were mixed on the two local exchanges on May 4, while energy stocks suffered from a recent decline in global crude prices.

The benchmark VN Index on the HCM Stock Exchange inched up 0.1 percent to close at 599.07 points, extending a two-day increase of 1.3 percent. The HNX Index on the Hanoi Stock Exchange closed at 80.67 points, nearly flat after gains on April 29.

The energy sector drove markets down on May 4 after global crude prices fell from their highest values since the beginning of the year, set on April 28.

US crude West Texas Intermediate (WTI) and London-traded Brent crude on May 4 gained 0.4 percent each to trade at 43.84 USD and 45.13 USD a barrel, respectively.

US crude has posted a decrease of 4.8 percent since April 28 and Brent crude recorded a slump of 6.3 percent.

The biggest energy stocks all saw declines. PetroVietnam Gas Corp (GAS), PetroVietnam Technical Service Corp (PVS) and PetroVietnam Coating Corp (PVB) slipped between 1 and 3 percent.

The markets also saw losses in the property sector, which was led down by Kinh Bac City Development Share Holding Corp (KBC) and Tan Tao Investment Industrial JSC (ITA).

KBC was down 0.7 percent and ITA dropped 2.2 percent after the two companies announced lower profits in the first quarter of 2016 compared with the same period last year.

In the agriculture sector, Hoang Anh Gia Lai JSC (HAG) and its member company HAGL Agriculture JSC (HNG) slumped 6.2 percent and 5.9 percent, respectively, after announcing less earnings in this year’s first quarter.

Additionally, the Bank for Investment and Development of Vietnam (BID), Eximbank (EIB), KLF Joint Venture Investment International JSC (KLF), Quang Nam Rubber Investment JSC (VHG), Tay Ninh Rubber JSC (TRC) and IT firm FPT Corp (FPT) also helped pull markets down.

At the end of the day, BID fell 1.1 percent, EIB 1.9 percent, KLF 2.9 percent, VHG 5.7 percent, TRC 4.2 percent and FPT 1 percent.

On the opposite side, Vietcombank (VCB), steel producers such as Hoa Phat Group (HPG) and Hoa Sen Group (HSG), dairy firm Vinamilk (VNM) and food producer Masan Group (MSN) rose.

VCB rose 0.2 percent, HPG and HSG rose 4.5 percent and 6.4 percent, VNM 2.2 percent and MSN 1.4 percent.

Both local markets traded more than 188 million shares worth 2.95 trillion VND (131 million USD), a decrease of 11 percent from last week’s daily trading value.-VNA