Wednesday, October 26 2016


VN stocks mixed; banks down

Update: June, 15/2016 - 09:00
Officials count bank notes at the Vietcombank’s Hà Nội branch. Vietcombank (VCB) finished 1 per cent lower yesterday. — VNA/VNS Photo Trần Việt
Viet Nam News

HÀ NỘI — Vietnamese shares ended mixed yesterday as investors remained cautious ahead of the decision to be made by the US central bank on this year’s interest rate.

The benchmark VN Index on the HCM Stock Exchange struggled to rise 0.3 per cent, climbing a total 0.6 per cent in the last two trading days to 627.02 points.

The HNX Index on the Hà Nội Stock Exchange ended slightly down at 84.34 points from a gain of 0.1 per cent on Tuesday.

Việt Nam’s markets declined along with global stock markets as investors remained worried before the US central bank concludes its meeting, although analysts have predicted that US interest rates will remain unchanged.

Additionally, the Chinese yuan fell to its lowest against the US dollar since January 2011 after the country’s equities failed to be admitted into the Morgan Stanley Capital International’s indexes.

Yesterday, Việt Nam’s central bank raised its daily reference mid-point rate for local banks’ exchange trading band by VNĐ10 to VNĐ21,887 for a US dollar to ensure that local products are competitive enough in  world markets.

Investors’ worries pulled banks and brokerage firms down. Among the banks, Sài Gòn Thương Tín Commercial Joint Stock Bank (STB) and Joint Stock Commercial Bank for Foreign Trade of Việt Nam (VCB) dropped 0.8 per cent and 1 per cent.

Among securities companies, Bảo Việt Securities Corp (BVS) lost 0.8 per cent, Sài Gòn-Hà Nội Securities Corp (SHS) declined by 1.5 per cent, and Sài Gòn Securities Inc (SSI) slipped 1.4 per cent.

Additionally, the energy industry continued to slide as oil prices extended losses further. London-traded Brent crude decreased by 1.5 per cent to trade at US$49.07 a barrel, down 6.6 per cent in the last five days.

Petroleum Industrial and Civil Construction JSC (PXI), Petroleum Pipeline and Tank Construction JSC (PXT) and PetroVietnam Technical Services Corp (PVS) fell between 0.5 per cent and 1.7 per cent.

On the positive side, property developers and rubber producers helped drive markets up.

In the real estate business, Kinh Bắc City Development Share Holding Corp (KBC) gained 1.4 per cent, Tân Tạo Investment and Industry Corp (ITA) surged 6.8 per cent and Becamex Infrastructure Development JSC (IJC) added 2.3 per cent.

Đà Nẵng Rubber JSC (DRC) advanced 1.1 per cent and Southern Rubber Industry JSC (CSM) increased by 2.9 per cent.

Investors traded 179.4 million shares worth nearly VNĐ2.6 trillion ($115.4 million), an increase of 6.8 per cent from Tuesday’s trading value. — VNS


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