Shares pull back as VN Index falls
Vietnamese shares retreated on February 25 on both local markets, while the benchmark VN Index fell after growing for five consecutive days as investors took profits from recent advancing sessions.
Investors at the Sai Gon Securities Incorporation's trading floor. (Source: VNA)Hanoi (VNA) - Vietnamese shares retreated on February 25 on both local markets, while the benchmark VN Index fell after growing for five consecutive days as investors took profits from recent advancing sessions.
The benchmark VN Index on the HCM Stock Exchange dropped 0.9 percent to close at 562.82 points, marking the first decline after having risen 3.8 percent over the previous five days. The HNX Index on the Hanoi Stock Exchange was down 0.5 percent to end at 78.51 points.
Investors tried to take profits after the advance of insurance and brokerage stocks in previous days.
The insurance sector index lost 2 percent, led by BIDV Insurance Corporation (BIC) and Bao Viet Holdings (BVH), which declined by 1.8 percent and 2.8 percent, respectively.
BIC had surged 39 percent during the previous five trading sessions and BVH had jumped 7.1 percent during the same period.
Among brokerage companies, Saigon Securities Incorporation (SSI) fell 1.8 percent after gaining 9.6 percent over the previous seven trading sessions. HCM City Securities Corporation (HCM) fell 3.4 percent after it rocketed 17 percent in the previous three days. VNDirect Securities Corporation (VND) pulled back 3.4 percent after a previous rise of 3.5 percent in the same period.
Energy stocks continued to weigh on the markets as global crude prices declined on the trading exchanges.
US crude benchmark West Texas Intermediate (WTI) inched down 0.1 percent to trade at 32.13 USD a barrel, and London-traded Brent crude fell 0.7 percent to trade at 34.17 USD a barrel.
Among local energy stocks, PetroVietnam Gas Corporation (GAS) lost 2.3 percent, PetroVietnam Drilling and Well Service Corporation (PVD) dipped 1.7 percent, and PetroVietnam Mud Drilling Service Corporation (PVC) fell 2.2 percent. The markets on February 25 saw nearly 213 million shares in trading, worth 5.1 trillion VND (226.6 million USD), twice the trading value on February 24, after nearly 18 million VNM shares worth 2.3 trillion VND (104 million USD) were traded through negotiation.-VNA
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