VN stocks mixed, energy rising

Hanoi (VNA) – Vietnamese shares on May 13 again closed mixed on the two local exchanges, erasing gains made earlier during the day while a recent sharp increase in oil prices boosted energy stocks.

The benchmark VN Index on the HCM Stock Exchange inched down 0.2 percent to close at 610.82 points, down a total of 0.5 percent in the last two sessions.

Meanwhile, the HNX Index rose 0.3 percent to finish at 81.27 points, extending a gain of 1.3 percent for a third day.

“The declines in blue chips continued to drive the VN Index down for a second day,” Maritime Securities Inc (MSI) wrote in its report.

Those blue chips included dairy firm Vinamilk, food producer Masan Group, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and insurer Bao Viet Holdings.

At the end of the day, Vinamilk (VNM) edged down 0.7 percent, Masan Group (MSN) fell 2.1 percent, Vietcombank (VCB) dropped 0.8 percent and Bao Viet Holdings (BVH) lost 2.5 percent.

Additionally, steel producers such as the Hoa Phat Group (HPG), Hoa Sen Group (HSG), Tien Len Steel Group JSC (TLH) and Vietnam-Germany Steel Pipe JSC (VGS) continued their corrections after rising strongly over the last few months.

Steel company stocks achieved such high gains recently as demand for steel products to supply property projects rose during the first four months of the year, Bao Viet Securities Corp (BVSC) wrote in its report.

However, listed steel companies may suffer losses as of May because demand for construction will decline due to the rainy season, leading to lower steel production, BVSC said.

At the end of the day, HPG was down 2.1 percent, HSG dipped 2.9 percent, TLH slumped 6.8 percent and VGS fell 5.5 percent.

The markets were also pulled down by the agricultural sector, represented by Hoàng Anh Gia Lai JSC (HAG) and its subsidiary HAGL Agricultural JSC (HNG).

On the opposite side, energy stocks continued their good form on recent gains in global oil prices.

US crude West Texas Intermediate (WTI) dropped 1.3 percent to trade at 46.08 USD a barrel, however, US crude has posted an increase of 6.1 percent during the week.

Local energy stocks such as PetroVietnam Gas Corp (GAS) and PetroVietnam Technical Service Corp (PVS) gained between 2.3 percent and 4 percent.

Both local markets traded more than 153.2 million shares worth nearly 2.5 trillion VND (111 million USD), an increase of 5.5 percent from May 12’s trading value.-VNA