Economy
Stock market continues to consolidate amid cautious sentiment
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| Investors on the FPT Securities Corp’s exchange platform. Local markets yesterday posted mixed results as high-profile banks ran into profit-taking and high oil prices lifted energy stocks. - VNS Photo Trương Vị |
Viet Nam News
HÀ NỘI – Vietnamese markets ended with mixed results at the end of yesterday’s trading, while banks ran into profit-taking and energy companies benefited from higher oil prices.
The benchmark VN Index on the HCM Stock Exchange stepped down 0.3 per cent from a two-day increase of 1.7 per cent to finish at 612.12 points.
Meanwhile, the HNX Index on the Hà Nội Stock Exchange rose 0.7 per cent to close at 81.00 points, extending a two-day gain of 1 per cent.
The banking sector was driven down by Vietcombank (VCB) and Vietinbank (CTG), which declined as investors tried to take profits from these banks after their positive first-quarter performances.
VCB lost 2 per cent after rising 2.1 per cent in the previous two days and CTG dropped 1.7 per cent after growing 9.8 per cent in the previous five days.
Insurance companies such as Bảo Việt Holdings (BVH) and BIDV Insurance Corp (BIC) did not have a good day.
BVH remained flat after advancing 5.2 per cent in the previous two days while BIC dipped 3.9 per cent from a two-day gain of 6 per cent.
Other smaller stocks on the southern bourse also retreated from gains made in their previous sessions.
Bình Minh Plastic JSC (BMP) was down 0.7 per cent after rising 1.4 per cent in the previous three days, Sông Đà Urban and Industrial Zone Investment and Development JSC (SJS) fell 1.3 per cent after increasing 4.1 per cent, and transportation firm Gemadept Corp (GMD) decreased by 0.2 per cent after jumping 3.4 per cent.
Conversely, energy stocks benefited from higher oil prices after they extended gains for a third day on global exchanges.
US crude West Texas Intermediate (WTI) added 0.9 to trade at US$46.65 a barrel and London-traded Brent crude edged up 0.8 per cent to trade at $47.97 a barrel.
Crude prices have surged a total of 7.4 per cent and 10 per cent during the last three days.
Among energy stocks, PetroVietnam Gas Corp (GAS) went up 1 per cent, PetroVietnam Drilling and Well Service Corp (PVD) increased by 3.3 per cent.
Additionally, PetroVietnam Coating Corp (PVB) and PetroVietnam Technical Service Corp (PVS) added 0.5 per cent and 0.6 per cent, respectively.
Both local exchanges traded nearly 136.5 million shares worth VNĐ2.36 trillion ($105.2 million), a decrease of nearly two-fifths from the previous trading day. – VNS
