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Energy and banking-finance industries drive VN stocks down
Vietnamese shares fell on Wednesday morning, driven by energy, banking and insurance-finance stocks.
The benchmark VN Index on the HCM Stock Exchange inched down 0.19 per cent to close at 803.85 points. It fell a total of 0.2 per cent in the previous two sessions.
The HNX Index on the Ha Noi Stock Exchange lost 0.42 per cent to end at 107.45 points, retreating from a five-day increase of three per cent.
More than 134.4 million shares were traded on both local exchanges, worth VND2.52 trillion (US$112.2 million).
Shares of energy and finance-banking sectors were the main reason for the market’s slump on Wednesday morning.
Energy stocks posted losses after crude prices slipped on Tuesday. Brent crude lost almost one per cent to end at $58.44 per barrel, resulting in a 0.7 per cent drop for PetroVietnam Drilling and Well Services (HOSE: PVD).
In the banking sector, Sacombank (HOSE: STB) and Asia Commercial Bank (HNX: ACB) slid on profit-taking. STB declined by two per cent following a two-day increase of 8.2 per cent and ACB fell 1.3 per cent after rallying a total of 8.5 per cent in the previous seven sessions.
On the positive side, shares of property developer and retailer Vingroup (HOSE: VIC) advanced 2.6 per cent, lifting the property sector.
On Tuesday, Vingroup’s retail arm Vincom Retail submitted its portfolio to the HCM Stock Exchange to list on the stock market.
The afternoon trading session begins at 1pm.
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