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Shares mixed as TPP talks drag

Update: October, 03/2015 - 10:14
The benchmark VN Index on the HCM Stock Exchange fell 0.2 per cent to close at 562.31 points, ending its two-day winning streak. — Photo vneconomy
HA NOI (VNS)  — Vietnamese shares were mixed yesterday as negotiators struggled to finalise a free trade agreement that would span Asia, North and South America.

The benchmark VN Index on the HCM Stock Exchange fell 0.2 per cent to close at 562.31 points, ending its two-day winning streak. Meanwhile, the HNX Index on the Ha Noi Stock Exchange was up 0.3 per cent to finish at 78.25 points, extending its rally for a third day.

Negotiations for the Trans-Pacific Partnership were extended because participants, which include the US, Mexico, Canada and Viet Nam among 12 countries, could not reach an agreement over issues such as car parts, dairy products and medical supplies.

TPP talks might not reach an agreement this week which would disappoint local investors, Bao Viet Securities Corp (BVSC) said yesterday.

Expectations that TPP talks will soon conclude have had a positive effect on local car part makers and distributors so far this week. Among them, TMT Motor JSC (TMT), Saigon General Service Corp (SVC) and the Southern Rubber Industry JSC (CSM) have been the best gainers. These stocks were up yesterday 3.1 per cent, 5.4 per cent and 1.7 per cent, respectively.

However, local food producers turned from gains on Thursday to losses yesterday by giving up 0.7 per cent. The two giants in the industry – Ma San Group (MSN) and Vinamilk (VNM) – were down 0.7 per cent and 1 per cent.

In addition, leading sectors such as banks and energy firms also declined.

Although the US-benchmark crude West Texas Intermediate (WTI) was up one per cent to trade at $45.19 a barrel, the energy sector still fell 0.2 per cent.

Petrovietnam Gas Corp (GAS) dropped 0.4 per cent, Petrovietnam Drilling & Well Services (PVD) was down 0.9 per cent and Petroleum Technical Services (PVS) fell 0.5 per cent.

Hoang Quan Consultancy-Trade-Real Estate Services (HQC) and KLF Joint Venture Global Investment (KLF) were the most active stocks yesterday with more than 3.5 million shares in trading volume and both remained flat at the end of the day.

Both local exchanges traded more than 116 million shares in volume and VND1.75 trillion ($77.8 million) in value, a decrease of 5.7 per cent from Thursday. — VNS


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