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Banks pull down VN shares
Vietnamese shares extended their losses on bothlocal exchanges this morning, led by banks, after the European CentralBank (ECB) cut interest rates last night.
The benchmark VN Index on the HCM Stock Exchange was down 0.8per cent to close at 569.81 points, and the HNX Index on the Ha NoiStock Exchange inched down 0.4 per cent to end at 79.72 points.
The banking sector index fell one per cent, as a cut in the interest ratesmade by the ECB would probably put more pressure on Viet Nam'sexchange rates between the Vietnamese dong and other currencies.
The largest banks on the market fell. Vietcombank (VCB) lost 0.9 percent, the Bank for Investment and Development of Vietnam (BID) fell 1.4per cent and Vietinbank (CTG) dropped 1.1 per cent.The market was also affected by the decline of other large-cap stockssuch as Vinamilk (VNM), Bao Viet Holdings (BVH), Masan Group (MSN)and Vingroup JSC (VIC).
VNM was down 0.8 per cent, BVH dropped one per cent, and VIC andMSN fell 0.7 per cent each.
FLC Group (FLC) was the most active stock on the market, with morethan 3.7 million of its shares being traded.
Both local bourses traded more than 57 million shares, worth VND823.8billion (US$36.6 million).
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