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VN-Index slumps on oil, gas shares

Update: March, 26/2015 - 08:48
HA NOI (VNS)  — The southern market extended losses yesterday as the foreign sector sold oil and gas stocks.

PV Gas (GAS), the biggest share in terms of market capitalisation here, dived 6.7 per cent, while PetroVietnam Drilling and Wells Service Corp (PVD) plummeted 6.6 per cent. These two stocks were among the five sold most by foreign investors yesterday, with net sells of VND55 billion (US$2.6 million) for PVD and VND17 billion ($794,400) for GAS.

The foreign sector also unloaded many stocks in the VN30 basket yesterday, including Masan Group (MSN), Hoa Phat Group (HPG), Hoang Anh Gia Lai Co (HAG), Saigon Securities Inc (SSI) and Sacombank (STB).

The benchmark VN-index edged down 1.15 per cent to close the session at 560.93 points, while the VN30, the tracker of the top 30 shares by market value and liquidity, dropped 0.61 per cent to end at 590.17 points.

Recovery of large-cap bank shares cushioned the market fall. Gainers included Vietcombank (VCB), Vietinbank (CTG), Sacombank (STB) and Bank for Investment and Development of Viet Nam (BID).

According to Bloomberg, Viet Nam's bank stocks are growing at the fastest pace in Asia which sends a signal of a recovery from the bad-debt crisis that has weighed on economic growth for three years.

Liquidity remained modest, with a total of 87.6 million shares worth VND1.755 trillion ($82 million) traded by the end of the session. FLC Group (FLC) was still the most active code with 13.5 million shares, but its price slipped 1.7 per cent to settle at VND11,600 (54 US cents) per share.

On the Ha Noi Stock Exchange, the HNX-Index also went down 0.20 per cent to finish the day at 83.15 points.

Trading declined here as the market volume dropped 20 per cent from the previous session, reaching 38.5 million shares while the trading value decreased 10 per cent to VND514.4 billion ($24 million).

F.I.T. Investment Co (FIT) was the leading stock with 4.8 million shares exchanged, rallying 0.5 per cent to close at VND19,300 (90 US cents) each.

Foreign investors continued to be net sellers in the two markets yesterday, responsible for a combined net sell of VND82.4 billion (nearly $4 million), and over 90 per cent of the value was sold in HCM City. — VNS

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