Vietnamese shares mixed; energy stocks fall

Hanoi (VNA) - Vietnamese shares were mixed on the two local exchanges on December 28, while energy stocks declined following a drop in global oil prices.

The benchmark VN Index on the HCM Stock Exchange gained 0.4 percent to close at 569.90 points and have risen 1 percent during the last three days.

Meanwhile, the HNX Index on the Hanoi Stock Exchange dropped 0.3 percent to end at 77.82 points and have fallen 0.6 percent during the last two days.

The energy sector index lost 1.4 percent as energy companies were undermined by lower global oil prices.

The US benchmark crude West Texas Intermediate (WTI) on December 28 fell 0.8 percent to trade at 37.79 USD a barrel. WTI crude last week gained 9.7 percent to trade at 38.10 USD a barrel ahead of the Christmas weekend.

Local energy firms that suffered from lower crude prices included PetroVietnam Gas Corporation (GAS), which fell 1.9 percent, PetroVietnam Drilling and Well Services Corporation (PVD), which dropped 2.9 percent, and PetroVietnam Technical Services Corporation (PVS), which lost 1.8 percent.

Meanwhile, the drop in crude prices also helped local plastic firms reduce their production costs, including Tien Phong Plastic JSC (NTP) and Binh Minh Plastic JSC (BMP), which gained 0.7 percent and 2.3 percent, respectively.

Other big stocks that contributed to the market decline included insurer Bao Viet Holdings and the Bank for Investment and Development of Vietnam (BIDV), which dropped 1 percent each, and steel marker Hoa Phat Group Joint Stock Company (HPG), which fell 2 percent.

On the positive side, the stock market received a strong boost from food and beverage producer Masan Group (MSN), which surged 6.7 percent following its billion-dollar deal with Thai beer producer Singha Beer International last week, and dairy firm Vinamilk (VNM), which gained 2.4 percent.

Other key sectors on the market were the property sector, whose index rose 1.1 percent on foreign purchases, led by the biggest firm Vingroup JSC (VIC), which jumped 2.6 percent.

The two local exchanges traded more than 187.7 million shares worth nearly 2.7 trillion VND (118.6 million USD), an increase of one-third from last week's average trading value.-VNA