Vietnamese shares on October 25 managed to decline at a slower pace as slight recovery of energy stocks helped offset losses made by blue chips on a strong selling trend (Photo: vneconomy.vn) Hanoi (VNA) - Vietnamese shares on October 25 managed to decline at a slower pace as slight recovery of energy stocks helped offset losses made by blue chips on a strong selling trend.
The benchmark VN Index on the HCM Stock Exchange (HoSE) dropped 0.3 percent to close at 676.18 points.
The HNX Index on the Hanoi Stock Exchange (HNX) inched down 0.1 percent to end at 82.82 points.
Both local indexes have respectively lost 1.8 percent and 3.2 percent in the last four trading sessions.
The VNXAll Index, the common index between HoSE and HNX, fell 0.5 percent to finish at 984.15 points.
Banks and property developers were the worst decliners on October 25.
Except for Asia Commercial Bank (ACB) that rose 1.1 percent, other listed banks suffered losses, including Vietcombank (VCB), Sacombank (STB), Sai Gon-Hanoi Bank (SHB), Eximbank (EIB), Bank for Investment and Development of Vietnam (BID) and Vietinbank (CTG). These banks lost between 0.6 percent and 1.8 percent.
In the real estate industry, the largest companies such as Vingroup JSC (VIC), Kinh Bac City Development Shareholding Corp (KBC) and FLC Group (FLC) declined by 0.7 percent, 2.2 percent and 1 percent.
The worst loser was Bao Thu Industrial Development and Investment JSC (BII), which plummeted 8.3 percent after reporting that the company earned only 4 billion VND (more than 177,700 USD) in net profit after nine months, equal to 10 percent of this year’s target. BII has plunged nearly 85 percent over a month.
Steelmakers also had a negative trading day, including Hoa Phat Group (HPG), Hoa Sen Group (HSG) and Tien Len Steel JSC (TLH), which were down between 1.5 and 2.7 percent.
On the bright side, the energy sector bounced back slightly after oil prices rose on expectations that the Organisation of Petroleum Exporting Countries (OPEC) would resolve the issue that made Iraq, the second biggest producer of the group, refuse to be a part of the production cut deal.
US crude West Texas Intermediate (WTI) added 0.6 percent to trade at $50.82 a barrel and London-traded Brent crude rebounded 0.2 percent to trade at $51.57 a barrel.
Oil and gas stocks that made gains in yesterday’s session included PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Services Corp (PVD) and PetroVietnam Technical Services Corp (PVS).
More than 166.6 million shares were traded on October 25 worth 2.62 trillion VND (116.7 million USD), a decrease of 9.4 percent from the previous day’s trading value.-VNA
