Shares retreat on blue chip slump

Tuesday, Apr 09, 2019 12:45

Oil and gas stocks which supported the market on Monday slumped on Tuesday morning despite gains of oil on the global markets. Photo

Shares retreated on Tuesday morning on the two national exchanges as many heavyweight stocks lost value.

On the Ho Chi Minh Stock Exchange, the VN-Index edged down 0.43 per cent to 993.23 points.

On the Ha Noi Stock Exchange, the HNX-Index decreased 0.22 per cent to 108.69 points.

More than 108 million shares worth a combined VND2.33 trillion (US$100 million) were traded in the two markets.

The market breadth was negative with 224 stocks declining, 169 climbing and 347 closing flat.

Among the top 30 stocks by market value and liquidity on the HCM City’s bourse, 20 slumped and only eight advanced.

Big losers included Coteccons Construction (CTD), down 3.3 per cent; budget airline Vietjet (VJC), down 2.8 per cent; FLC Faros Construction (ROS), down 2.1 per cent; and Vingroup (VIC) and Eximbank (EIB) each down by more than 1 per cent.

In addition, the oil and gas stocks which supported the market on Monday slumped this morning. PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD), PetroVietnam Technical Service (PVS) and PetroVietnam Drilling Mud (PVD) decreased between 0.7 per cent and 2.6 per cent.

Oil prices continued an uptrend on the global market with global supply expected to fall due to OPEC output cuts and US sanctions against Iran and Venezuela.

Brent crude rose 76 cents, equivalent to 1.1 per cent, to $71.1 per barrel, while the US West Texas Intermediate (WTI) oil increased 2.1 per cent to $64.4 per barrel, the highest since November 2018.

Banks supported the market with shares of many lenders gaining value, including Vietinbank (CTG), VPBank (VPB), Techcombank (TCB) and Sacombank), with growth of less than 1 per cent.

The afternoon session starts at 1pm. – VNS

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