Tuesday, October 25 2016


VN shares mixed; banks slide

Update: December, 05/2015 - 09:45
Investors watch the stock indices at Hoang Gia Stock Floor in Ha Noi. — VNS Photo Truong Vi
HA NOI (VNS)— Vietnamese shares mostly fell yesterday on the two local exchanges as banks pulled back after recent gains.

The benchmark VN Index on the HCM Stock Exchange dropped by 0.5 per cent to close at 571.62 points while the HNX Index inched up 0.1 per cent to end at 80.14 points.

The banking sector dropped 1.1 per cent, led by the biggest banks such as Vietcombank, the Bank for Investment and Development of Vietnam (BIDV) and Sacombank, due to investors as these banks had recently made gains.

Vietcombank (VCB) was down 0.7 per cent after gaining 1.2 per cent in the previous two days, BIDV (BID) fell 2.4 per cent after the stock had surged 4.4 per cent, and Sacombank (STB) lost 0.9 per cent after it had risen 5.5 per cent over the previous three sessions.

Vietnamese textile exporters also declined. The biggest exporters such as GHome Textile Investment JSC (G20) fell 2.8 per cent, Century Synthetic Fiber Corporation (STK) dropped 1.5 per cent, and Thanh Cong Textile Garment Investment Trading JSC (TCM) declined by 2.3 per cent.

In addition, local plastic firms fell after their input costs would likely rise after the global oil prices increased sharply following a proposal made by the biggest crude oil producer, Saudi Arabia, on an output cut for the Organisation of Petroleum Exporting Countries (OPEC) on Thursday.

The US benchmark crude West Texas Intermediate (WTI) jumped 2.9 per cent to trade at $41.08 a barrel, and the Euro-based crude Brent gained 3.2 per cent to $43.84 a barrel.

Local plastic companies such as Binh Minh Plastic Joint Stock Company (BMP) fell 0.8 per cent after gaining 4.1 per cent in the previous three days, and Tien Phong Plastic Joint Stock Company (NTP) lost 0.7 per cent.

Both local bourses traded more than 124 million shares, worth VND1.68 trillion ($74.7 million), a decrease of 42.5 per cent from Thursday. — VNS

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