Vietnamese stocks little changed

Wednesday, Feb 24, 2016 08:19

Production at the Tien Phong Plastic JSC (NTP). The plastic and rubber sectors weighed on the Ha Noi Stock Exchange yesterday. — VNA/VNS Photo Huy Hung

HA NOI (Biz Hub) — Vietnamese shares were mixed yesterday as some investors took profits on recent gainers.

The benchmark VN Index on the HCM Stock Exchange inched up 0.1 per cent to close at 561.28 points, extending its gains to 2.6 per cent over the last fourth trading sessions.

On the contrary, the HNX Index on the Ha Noi Stock Exchange was down 0.1 per cent from Monday's gain to end at 78.20 points.

The plastic and rubber sectors weighed on the market. The plastic sector index and the rubber sector index fell 1 per cent and 1.5 per cent, respectively, as stocks began to drop after making recent gains on low oil prices.

Among plastic and rubber firms, the biggest losers included Southern Rubber Industry JSC (CSM), Rang Dong Plastic JSC (RDP) and Sao Vang Rubber JSC (SRC), which declined by 2.1 per cent, 3.2 per cent and 3.9 per cent, respectively, after these stocks made gains in previous sessions.

CSM rose 8.6 per cent in the previous three days, RDP jumped 16.4 per cent in four days, and SRC jumped 11 per cent in five days.

Other firms in these two sectors also fell. Binh Minh Plastic JSC (BMP) fell 0.8 per cent, Tien Phong Plastic JSC (NTP) was down 0.2 per cent, and Dong A Plastic JSC (DAG) lost 0.9 per cent.

Meanwhile, the energy sector also fell, led by PetroVietnam Drilling and Well Service Corporation (PVD) and PetroVietnam Coating Corporation (PVB), which dropped 2.8 per cent and 0.9 per cent, respectively, after global oil prices eased down as investors were uncertain that a production freeze would help reduce a global oil glut.

US benchmark crude West Texas Intermediate (WTI) dropped 1.6 per cent to trade at US$32.86 a barrel and London-traded Brent crude lost 1 per cent to trade at $34.33 a barrel.

On the opposite side, local markets received a strong boost from the insurance sector, led by BIDV Insurance Corporation (BIC), which surged 6.8 per cent after the company last week decided to allow a higher foreign stake. BIC has risen nearly 30 per cent in the last four days.

The agricultural sector also helped lift the market, led by plant grower Hoang Anh Gia Lai JSC (HAG) and its member company HAGL Agricultural JSC (HNG), which gained 1.1 per cent and 6.4 per cent, respectively, extending their rallies as they became attractive to investors after falling to their lowest prices last week since being listed.

Investors yesterday traded more than 208.5 million shares worth VND2.95 trillion ($131 million), a decrease of 11 per cent from Monday's trading value. — VNS

Comments (0)