Vietnam’s stocks post mixed results
Vietnamese markets ended with mixed results at the end of the May 12 trading, while banks ran into profit-taking and energy companies benefited from higher oil prices.
Investors on the FPT Securities Corp’s exchange platform (VNS Photo: Truong Vi)Hanoi (VNA) - Vietnamese markets ended with mixed results at the end of the May 12 trading, while banks ran into profit-taking and energy companies benefited from higher oil prices.
The benchmark VN Index on the HCM Stock Exchange stepped down 0.3 percent from a two-day increase of 1.7 percent to finish at 612.12 points.
Meanwhile, the HNX Index on the Hanoi Stock Exchange rose 0.7 percent to close at 81.00 points, extending a two-day gain of 1 percent.
The banking sector was driven down by Vietcombank (VCB) and Vietinbank (CTG), which declined as investors tried to take profits from these banks after their positive first-quarter performances.
VCB lost 2 percent after rising 2.1 percent in the previous two days and CTG dropped 1.7 percent after growing 9.8 percent in the previous five days.
Insurance companies such as Bao Viet Holdings (BVH) and BIDV Insurance Corp (BIC) did not have a good day.
BVH remained flat after advancing 5.2 percent in the previous two days while BIC dipped 3.9 percent from a two-day gain of 6 percent.
Other smaller stocks on the southern bourse also retreated from gains made in their previous sessions.
Binh Minh Plastic JSC (BMP) was down 0.7 percent after rising 1.4 percent in the previous three days, Song Da Urban and Industrial Zone Investment and Development JSC (SJS) fell 1.3 percent after increasing 4.1 percent, and transportation firm Gemadept Corp (GMD) decreased by 0.2 percent after jumping 3.4 percent.
Conversely, energy stocks benefited from higher oil prices after they extended gains for a third day on global exchanges.
US crude West Texas Intermediate (WTI) added 0.9 to trade at 46.65 USD a barrel and London-traded Brent crude edged up 0.8 percent to trade at 47.97 USD a barrel.
Crude prices have surged a total of 7.4 percent and 10 percent during the last three days.
Among energy stocks, PetroVietnam Gas Corp (GAS) went up 1 percent, PetroVietnam Drilling and Well Service Corp (PVD) increased by 3.3 percent.
Additionally, PetroVietnam Coating Corp (PVB) and PetroVietnam Technical Service Corp (PVS) added 0.5 percent and 0.6 percent, respectively.
Both local exchanges traded nearly 136.5 million shares worth 2.36 trillion VND (105.2 million USD), a decrease of nearly two-fifths from the previous trading day.-VNA
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