Profit-taking pushes markets down

Wednesday, Apr 27, 2016 12:27

Profit-taking activities put local stocks turned into negative territory this morning. — Photo

HA NOI (Biz Hub) — Vietnamese shares retreated from Tuesday gains on both local exchanges this morning as investors looked for profits in blue chips.

The benchmark VN Index on the HCM Stock Exchange fell 0.5 per cent to close at 595.45 points and the HNX Index on the Ha Noi Stock Exchange dropped 0.4 per cent to end at 80.66 points.

Investors tried to book profits in stocks that had risen recently, such as financial firms and property developers.

The four largest stocks in the financial sector, insurer Bao Viet Holdings (BVH), Vietcombank (VCB), Bank for Investment and Development of Viet Nam (BID) and Vietinbank (CTG) lost 3.4 per cent, 1.5 per cent, 2.3 per cent and 1.2 per cent, respectively.

Other financial firms also saw declines. Sai Gon-Ha Noi Bank (SHB), Sai Gon Securities Inc (SSI) and Bao Viet Securities Corp (BVS) decreased by 1.6 per cent, 1.8 per cent and 1.5 per cent, respectively.

Two of the largest stocks -- dairy firm Vinamilk (VNM) and property firm Vingroup JSC (VIC) -- also turned into negative territory from their recent gains.

Energy stocks, on the other hand, made good gains after US crude jumped 3.3 per cent to close at US$44.04 per barrel, the highest since the beginning of the year.

Both local markets traded nearly 125 million shares worth VND2.43 trillion ($108 million). — VNS

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