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Finance stocks push VN Index down

The VN Index, Vietnam’s benchmark stock index, on January 10 declined the first time after rallying for seven consecutive trading days.
Finance stocks push VN Index down ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) - The VN Index, Vietnam’sbenchmark stock index, on January 10 declined the first time after rallying forseven consecutive trading days.

Thebenchmark index inched down 0.2 percent to close at 681.07 points. The southernexchange index had increased by 2.9 percent in the previous seven sessions.

More than87.8 million shares were exchanged on the southern bourse, worth 1.96 trillion VND(87.24 million USD). Tan Tao Investment and Industry Corp (ITA) was the mostactive stock with nearly 5.3 million of its shares being traded.

Thesouthern bourse was driven down by financial-banking stocks, which retreatedfrom previous gains. Those included Vietcombank (VCB), Vietinbank (CTG),Eximbank (EIB) and Bank for Investment and Development of Vietnam (BID).

Thosestocks fell between 0.6 percent and 1.3 percent. VCB rose 4.6 percent in theprevious three days, CTG surged 14 percent in six days, and BID soared 14 percentin the previous five sessions.

In the insuranceand brokerage sectors, insurer Bao Viet Holdings (BVH) slid 1.3 percent from afive-day increase of 5.8 percent, and Sai Gon Securities Inc (SSI) went down0.7 percent after rising 4.6 percent in the same period.

The realestate sector was also negative, including HCM City Infrastructure InvestmentJSC (CII) and Vingroup (VIC) among decliners.

CII fell1.6 percent from a two-day rise of 7.3 percent and VIC dropped 0.7 percentafter gaining 3.8 percent in the previous four sessions.

On the oppositeside, dairy producer Vinamilk (VNM) and Faros Construction Corp (ROS) wereamong the few large-cap stocks that made gains.

“Thebenchmark VN Index may not reach the resistance level of 690 points in theshort term as stocks are suffering from profit-taking while there is littlegood information for leading industries and low-price speculative stocks arebecoming risky to investors,” BIDV Securities Corp (BSC) said in a note.

The indexwould have to test the support level of 680 points in the next few sessions ifthe market demand is not positive, BSC said.

On the HanoiStock Exchange, the HNX Index gained 0.4 percent to end at 83.06 points. Thenorthern stock index has risen 2.1 percent since January 6.

More than30.7 million shares were exchanged on the northern market, worth 446.8 billionVND.

Large-capstocks on the northern bourse, including Asia Commercial Bank (ACB), Sai Gon-HanoiBank (SHB) and Vietnam Construction and Import-Export JSC (VCG), madegains.-VNA

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