Tuesday, September 27 2016

VietNamNews

Oil drags markets for second day

Update: July, 16/2016 - 07:00
Investors at a trading session on Bảo Việt Securities Corp’s trading floor. The company yesterday was down 0.8 per cent on the HCM Stock Exchange. — VNA/VNS Photo Phạm Hậu
Viet Nam News

HÀ NỘI — Vietnamese shares fell for a second day as energy firms suffered from lower oil prices and investors continued to seek profits in large-cap stocks.

The benchmark VN Index on the HCM Stock Exchange edged down 0.3 per cent to finish at 664.56 points. The southern market index has fallen 1.6 per cent in the last two sessions.

The HNX Index on the Hà Nội Stock Exchange ended at 6.63 points, down 0.9 per cent in total after two trading days.

The energy sector yesterday suffered losses as global oil prices pulled back from Thursday’s gains.

US crude West Texas Intermediate and London-traded Brent crude were down 0.6 per cent each to trade at US$45.41 a barrel and $47.10 a barrel, respectively.

Large-cap energy stocks such as PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Coating Corp (PVB) dropped between 0.8 per cent and 1.7 per cent.

The retail sector, led by computer seller FPT Corp (FPT) and Mobile World Investment Corp (MWG), also weighed on the markets.

FPT lost 0.9 per cent to erase all gains made in the previous three sessions, and MWG fell 2.1 per cent from a four-day increase of 7.7 per cent.

The banking sector was dragged down by the Bank for Investment and Development of Việt Nam (BID), which slid 0.5 per cent from a two-day gain of 4.5 per cent, and Joint Stock Commercial Bank for Foreign Trade of Việt Nam (VCB), which plunged 3.6 per cent to extend a two-day decrease of 6.1 per cent.

Large-cap securities stocks continued to decline. Sài Gòn Securities Inc (SSI), HCM City Securities Corp (HCM) and Bảo Việt Securities Corp (BVS) were down between 0.3 per cent and 0.8 per cent.

On the positive side, property developers recorded gains yesterday. Vingroup JSC (VIC) added 1.9 per cent, and Tân Tạo Investment and Industry Corp (ITA) advanced 4.3 per cent.

Việt Nam’s central bank yesterday cut its daily reference mid-point rate by VNĐ11 to VNĐ21,864 for a US dollar with a three-per-cent limit on either side of the mid-point rate for local banks to decide their exchange rates. The mid-point rate has decreased by VNĐ15 after two days.

Investors traded 178.3 million shares worth VNĐ3.86 trillion (US$171.4 million), a decrease of nearly five per cent from Thursday’s trading value. — VNS

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