VN Index down after 7-day rally
Vietnamese shares were mixed on July 6, while investors tried to take profits from stocks after their recent gains.
Investors watch scoreboards at a BIDV Securities Corp’s exchange platform (Source: VNA)The benchmark VN Index on the HCM Stock Exchange finished at 649.46 points, pulling back 0.2 percent from a seven-day rally of 4.9 percent.
The HNX Index on the Hanoi Stock Exchange rose 0.9 percent to end at 86.70 points, extending a gain of 2.3 percent for a fourth day. The northern market index has jumped 3.8 percent in the last seven sessions.
Blue chips on stock markets ran into profit taking after they made strong gains in the previous sessions, including banks, dairy producer Vinamilk and consumer goods producer Masan Group.
Vietcombank (VCB) fell 1 percent after it jumped 9.3 percent in the previous six trading days, Vietinbank (CTG) dropped 1.1 percent from a three-day gain of 3.6 percent, and the Bank for Investment and Development of Vietnam (BID) edged down 0.6 percent following a two-day increase of 3.4 percent.
Masan Group (MSN) was down 0.7 percent after it increased by 1.5 percent in the previous three days, and Vinamilk (VNM) lost 0.7 percent to decline for a second day from its highest-ever value of 145,000 VND (6.44 USD).
Most of the biggest securities companies, which had made strong gains since the beginning of the week, ended flat and hardly had any positive impact on stock markets.
Lower oil prices pushed energy stocks down for a second day. US crude West Texas Intermediate (WTI) declined by 1.2 percent to trade at 46.06 USD a barrel, losing a total 6 percent in the last two days.
Energy stocks that saw declines included PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Technical Service Corp (PVS), which were down 1.5 percent, 1.9 percent and 0.5 percent, respectively.
On the positive side, the markets were lifted as property developer shares continued to increase on expectations that they would announce higher results for the second quarter.
Kinh Bac City Development Share Holding Corp (KBC) and Saigon Thuong Tin Real Estate JSC (SCR) helped drive the sector up. KBC and SCR surged 6.5 percent and 7 percent, respectively.
Construction firms such as Coteccons Construction JSC (CTD), LDG Investment JSC (LDG) and Vietnam Construction No 2 JSC (VC2) made gains.
Investors traded 212.6 million shares worth 3.82 trillion VND (170 million USD), a slight decrease from previous day’s trading value.-VNA
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