Economy
Caution arises as State divestment strategy potentially poses risks
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| Investors at Military Bank Securities Corp. Local stocks were mixed yesterday and investors remain cautious. — VNS Photo Trương Vị |
Viet Nam News
HÀ NỘI — Vietnamese shares were volatile yesterday and energy stocks continued to slide on lower oil prices.
The benchmark VN Index on the HCM Stock Exchange struggled to edge up 0.2 per cent to close at 657.14 points, extending its gain of 1.3 per cent for a second day.
The HNX Index on the Hà Nội Stock Exchange retreated 0.2 per cent from Wednesday’s gains to end at 83.52 points.
The oil sector kept weighing on investor confidence, after crude prices extended losing streaks.
London-traded Brent crude dropped 0.6 per cent to trade at US$43.19 a barrel. Brent has decreased by 14.7 per cent within the last month.
US crude West Texas Intermediate (WTI) inched down 0.1 per cent to trade at $41.89 a barrel. US crude has lost 16 per cent during the same period.
Oil firms such as PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD), and PetroVietnam Coating Corp (PVB) fell between 1.5 per cent and 4.1 per cent.
Other blue chips such as Việt Nam Joint Stock Commercial Bank for Industry and Trade (CTG), insurer PVI Holdings (PVI), Sài Gòn-Hà Nội Bank (SHB) and insurer Bảo Việt Holdings (BVH) also declined.
On the other hand, Việt Nam Dairy Products JSC (Vinamilk), steel producers and brokerage firms helped lifted the local market.
Vinamilk (VNM) rose 1.3 per cent, steel producer Hòa Phát Group (HPG) jumped 3.2 per cent, Hoa Sen Group (HSG) gained 1.3 per cent and Tiến Lên Steel Corp (TLH) added 1.9 per cent.
Brokerage firms were among the best-gaining sector, led by Sài Gòn Securities Inc (SSI), HCM City Securities Corp (HCM), VNDirect Securities Corp (VND) and BIDV Securities Inc (BSI).
SSI advanced 2.2 per cent, HCM increased by 1 per cent, VND was up 2.3 per cent and BSI surged 5.1 per cent.
The real estate industry was boosted by Vingroup JSC (VIC), Kinh Bắc City Development Holding Corp (KBC) and Phát Đạt Real Estate Development Corp (PDR).
VIC added 2.9 per cent, KBC rose 1.8 per cent and PDR moved up 1.6 per cent.
Investors remained cautious, resulting in low trading liquidity on both local exchanges. More than 165 million shares were exchanged in total, worth VNĐ2.95 trillion ($131 million), a slight increase from Wednesday’s trading value. — VNS
