Large-cap stocks depress market hinh anh 1Customers stand in the FPT Securities Corp’s exchange platform. (Photo: VNS)

Hanoi (VNA) -
Vietnamese shares finished lower on the two local exchanges on June 6 as large-cap companies retreated from their recent gains.

The benchmark VN Index on the HCM Stock Exchange dropped 0.3 percent to close at 620.05 points, losing a total of 0.5 percent in the last two sessions.

The HNX Index on the Hanoi Stock Exchange ended slightly down at 82.65 points to cut a six-day rally of 2 percent.

14 out of 20 sectors on the stock market stayed in negative territory with property developers, brokerage firms, energy companies, and food and beverage producers being among the strongest decliners.

The property sector was driven down by Vingroup JSC (VIC), Khang Dien House Trading and Investment JSC (KDH) and Da Lat Real Estate JSC (DLR).

VIC was down 0.9 percent from a three-day gain of 2.9 percent, KDH dropped 1.3 percent to erase a two-day gain, and DLR slumped 3.3 percent after surging 22 percent in the previous four days.

Other stocks such as FLC Group JSC (FLC), Tan Tao Investment and Industry Corp (ITA), and Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC) also saw declines.

PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Technical Services Corp (PVS) weighed on the energy sector despite oil prices increasing on expectations that the global glut will fall faster than expected.

PVD pulled back 1.5 percent from a five-day increase of 11.3 percent and PVS edged down 0.5 percent after rising 2.2 percent in the previous two sessions.

Other large-cap stocks such as financial service provider FIT Investment JSC (FIT), seafood firm Hung Vuong Corp (HVG) and Da Nang Rubber JSC (DRC) also retreated from their previous consecutive gains.

Steel producers showed signs of significant decline after they have recorded sharp gains in the past few months, including Hoa Phat Group JSC (HPG), Hoa Sen Group (HSG), Vietnam-Italy Steel JSC (VIS) and Tien Len Steel Corp JSC (TLH).

On the positive side, banks and insurance firms helped lifted investor confidence.

Among banks, Saigon Thuong Tin Commercial Bank (STB) surged 6.2 percent, while the Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB) and the Asia Commercial Bank (ACB) gained 1.1 percent each.

The insurance business was boosted by Bao Viet Holdings (BVH) and Post and Telecommunication Joint Stock Insurance Corp (PTI), which rose 2.5 percent and 9.8 percent, respectively.

Both local markets traded nearly 178 million shares worth 2.84 trillion VND (126.2 million USD), an increase of 6.8 percent from last week’s daily trading value.-VNA