Stocks down, blue chips hit by profit-taking

Thursday, Nov 24, 2016 12:36

Local shares ended lower on Thursday morning, driven by the fall of blue chips as investors took profits from these stocks after a three-day rally. — Photo

Shares retreated on Thursday morning after large-cap stocks lost momentum as investors locked in profits made in the previous three-day rise.

The benchmark VN Index on the HCM Stock Exchange lost 0.6 per cent to close at 679.34 points, while the HNX Index on the Ha Noi Stock Exchange was down 0.4 per cent to end at 81.1 points.

The market’s fall during early trading was attributed to the decline in large-cap stocks caused by profit-taking, as these stocks had risen and pushed up both stock indexes in the last three sessions.

Of the 10 largest companies by market capitalisation, only consumer goods producer Masan Group (MSN) and steelmaker Hoa Phat Group (HPG) made gains. MSN rose 1.6 per cent and HPG edged up 0.5 per cent.

The eight other blue chips ended either flat or lower than their closing prices on Wednesday.

Vietcombank (VCB) fell 0.4 per cent from a three-day rally of 2.3 per cent, BIDV (BID) dropped 1.2 per cent after jumping 5.2 per cent during the same period, and Vietinbank (CTG) slipped 0.9 per cent after rising 3.1 per cent. Faros Construction Corp (ROS) slumped 6.7 per cent after a 7.1 per cent surge in two days.

Energy sector stocks had a mixed response after crude prices moved sideways on Wednesday night’s trading as investors are uncertain whether there will be an output cut agreement between the Organisation of Petroleum Exporting Countries (OPEC) and other oil producers.

Market trading liquidity remained modest with nearly 79 million shares being traded, worth VND1.44 trillion (US$64 million). — VNS

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