Vietnamese shares on April 25 pulled back on both local exchanges after rising sharply over the past two days as investors sought profits from property developers.
Investors on An Binh Securities’ exchange floor (Photo: VNA)
Hanoi (VNA) - Vietnamese shares on Aprilꩲ 25 pulled back on both local exchanges after rising sharply over the past two days as investors sought profits from property developers.
The benchmark VN Index on the HCM Stock Exchange inched down 0.2 percent to close at 591.58 points. The southern index jumped 4.3 percent in the previous two days.
The HNX Index on the Hanoi Stock Exchange ended slightly lower at 80.92 points after rising 2 percent during the same period.
The property sector was the factor that drove markets down on April 25 as property firms declined from their recent gains.
Vingroup JSC (VIC) slumped 3.7 percent after VIC surged 9.7 percent in the previous three sessions.
Thu Duc Housing Development Corp (TDH) was down 0.7 percent from a two-day gain of 3.7 percent.
Additionally, local energy stocks suffered losses from a fall in oil prices on concerns that a global glut will be prolonged as Middle East players boost production to maintain current market shares.
US crude West Texas Intermediate (WTI) retreated 1.2 percent from a four-day jump of 9.9 percent last week to trade at 43.19 USD a barrel, and London-traded Brent crude slid 1 percent to trade at 44.66 USD a barrel.
Energy stocks that saw declines included PetroVietnam Gas Corp (GAS), PetroVietnam Coating Corp (PVB) and PetroVietnam Technical Service Corp (PVS).
Those stocks fell 2.4 percent, 6.5 percent and 1.7 percent, respectively.
Two blue chips in the food and beverage industry, dairy firm Vinamilk (VNM) and food producer Masan Group (MSN), also declined.
MSN was down 0.7 percent, extending a loss of 2.1 percent for a second day. VNM also lost 0.7 percent after gaining 2.9 percent in the previous two days.
On the other hand, financial firms boosted both markets as foreign investment continued to focus on these stocks.
Vietcombank (VCB), Vietinbank (CTG), Sacombank (STB) and the Bank for Investment and Development of Vietnam (BID) lifted the banking industry with gains of 0.4 percent, 1 percent, 1.8 percent and 2.9 percent, respectively.
Insurer Bao Viet Holdings (BVH) added 0.9 percent and BIDV Insurance Corp (BIC) was up 0.5 percent after the company announced it will allow foreign investors to own more stakes in the capital.
Two companies in the agricultural sector, Hoang Anh Gia Lai JSC (HAG) and HAGL Agricultural JSC (HNG), surged 5.7 percent and 5.8 percent, respectively, after they received positive support from creditors in dealing with the companies’ total debts.
Both local markets exchanged more than 210 million shares worth 3.77 trillion VND (167.8 million USD), an increase of nearly one-third from last week’s daily trading value.-VNA
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Investors on An Binh Securities’ exchange floor (Photo: VNA)
