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Shares pull back as VN Index falls
Vietnamese shares retreated yesterday on both local markets, while the benchmark VN Index fell after growing for five consecutive days as investors took profits from recent advancing sessions.
The benchmark VN Index on the HCM Stock Exchange dropped 0.9 per cent to close at 562.82 points, marking the first decline after having risen 3.8 per cent over the previous five days. The HNX Index on the Ha Noi Stock Exchange was down 0.5 per cent to end at 78.51 points.
Investors tried to take profits after the advance of insurance and brokerage stocks in previous days.
The insurance sector index lost 2 per cent, led by BIDV Insurance Corporation (BIC) and Bao Viet Holdings (BVH), which declined by 1.8 per cent and 2.8 per cent, respectively.
BIC had surged 39 per cent during the previous five trading sessions and BVH had jumped 7.1 per cent during the same period.
Among brokerage companies, Sai Gon Securities Incorporation (SSI) fell 1.8 per cent after gaining 9.6 per cent over the previous seven trading sessions. HCM City Securities Corporation (HCM) fell 3.4 per cent after it rocketed 17 per cent in the previous three days. VNDirect Securities Corporation (VND) pulled back 3.4 per cent after a previous rise of 3.5 per cent in the same period.
Energy stocks continued to weigh on the markets as global crude prices declined on the trading exchanges.
US crude benchmark West Texas Intermediate (WTI) inched down 0.1 per cent to trade at US$32.13 a barrel, and London-traded Brent crude fell 0.7 per cent to trade at $34.17 a barrel.
Among local energy stocks, PetroVietnam Gas Corporation (GAS) lost 2.3 per cent, PetroVietnam Drilling and Well Service Corporation (PVD) dipped 1.7 per cent, and PetroVietnam Mud Drilling Service Corporation (PVC) fell 2.2 per cent. The markets yesterday saw nearly 213 million shares in trading, worth VND5.1 trillion ($226.6 million), twice the trading value on Wednesday, after nearly 18 million VNM shares worth VND2.3 trillion ($104 million) were traded through negotiation.
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