Vietnam shares lose for fifth day

Vietnamese shares fell 2.7 percent on August 17, extending losses for a fifth consecutive day, as bank and gas shares dragged the market down.

Eximbank (EIB) and Vietinbank (CTG) closed down nearly 7 percent, the largest daily loss the exchange allows. Big banks such as BIDV (BID) and Vietcombank (VCB) also fell, dropping 6.3 percent and 5.3 percent respectively.

The exchange's nine banking sector stocks declined an average of 4.3 percent while energy companies lost 3.5 percent in value from August 14.

On the HCM Stock Exchange, the benchmark VN Index dropped 16 points, or 2.7 percent, to 573.15 points. Out of the index's 308 companies, 159 tumbled and less than half of that number rose.

Trading liquidity was low amid investors concern that China may continue to devalue its currency.

Gas and oil shares tumbled as oil prices fell to below 42 USD per barrel on August 17, more than 60 percent lower from a year earlier.

Petrovietnam Gas Joint Stock Corporation (GAS) on August 17 finished at 49,300 VND per share – a decrease of 6.1 percent.

Bao Viet Holdings (BVH), one of biggest insurance companies on the market, dropped 3.7 percent while Vietnam Dairy Products Joint Stock Company (VNM) – the market's third largest company – fell 1.9 percent.

On the positive side, property developer FLC Group (FLC) gained 2.7 percent to 7,600 VND per share and topped the market with more than 8.3 million shares traded.

On the Hanoi Stock Exchange, the HNX Index fell by 2.3 percent to finish at 78.99 points.

On the northern bourse, the number of gainers was half that of decliners by 57 to 122.

In total, investors in Hanoi traded more than 40 million shares worth 425.9 billion VND (19.5 million USD).

Saigon-Hanoi Bank (SHB) lost 1.37 percent in its value and topped the market trading with more than 5 million shares traded.-VNA