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VietNamNews

Gas shares deflate local markets

Update: July, 21/2015 - 08:30
Investors watch stock market movements at the Maybank KIM ENG stock exchange floor in HCM City. — VNA/VNS Photo Hoang Hai
HA NOI  (VNS) — Both local bourses slid yesterday as gas shares declined after Vietnam Oil and Gas Group (PetroVietnam or PVN)'s leading position changed.

The decline in gas shares affected all other shares on the market, including bank and insurance shares, thus driving the market down.

Big gas shares such as Petrovietnam Gas Corporation (GAS), Petrovietnam Drilling and Well Service Corporation (PVD) on the southern bourse, Petroleum Technical Services Corporation (PVS) and Drilling Mud Corporation (PVC) on the northern market fell from their previous values.

However, market liquidity improved in comparison to last Friday with a total of 175.5 million shares traded on both markets, worth VND2.76 trillion (US$128 million).

Both bourses declined with a total of 131 advancing codes, 259 declining ones and 276 flat ones.

On the HCM Stock Exchange, the VN Index lost eight points or 1.29 per cent to end at 620.54 points.

The fall in gas codes also shut down insurers' rises, such as BIDV Insurance Corporation (BIC), Bao Minh Insurance Corporation (BMI) and Bao Viet Holdings (BVH). BIC lost 5.77 per cent while BVH dropped by 5.42 per cent.

Vietinbank (CTG) was the only bank code that made gains yesterday, with an increase of 1.83 per cent to end at VND22,200. Other banks recorded losses in their market values, such as the Bank for Investment and Development of Viet Nam (BID) and Vietcombank (VCB), which fell 1.57 and 3.13 per cent, respectively.

However, some securities shares and other shares such as Ocean Group Corporation (OGC) had positive performances.

Despite being tradable only in the afternoon, OGC was the most active code on the market with nearly 10 million shares traded. OGC also continued to hit the ceiling value, gaining 3.85 per cent at the end of yesterday's session.

Some large-cap securities shares recovered, helping prevent a deeper market descent. HCM City Securities Corporation (HCM) and Sai Gon Securities Incorporation (SSI) were up 0.8 per cent and 0.77 per cent at the end of the session.

On the Ha Noi Stock Exchange, the HNX Index extended its loss by 1.31 per cent to finish at 85.93 points.

Unlike the southern bourse, Ha Noi continued its slump as all leading shares on the market slid compared with last Friday.

Bank shares and securities shares also fell, affecting the market.

Sai Gon-Ha Noi Bank (SHB) was the most dynamic code on the market with more than 5 million of its shares traded. But SHB declined 3.33 per cent.

Insurance codes declined the most among leading shares. PVI Holdings (PVI) and Post & Telecommunication Joint Stock Insurance Corporation (PTI) lost 9.22 and 8.29 per cent to end at VND19,700 and VND17,700 per share.

Foreign investors returned to be net buyers, totaling VND22.68 billion ($1.05 million) while being recorded as net sellers last Friday with a total value of VND24.11 billion ($1.11 million). — VNS

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