Both local bourses slid yesterday as gas shares declined after Vietnam
Oil and Gas Group (PetroVietnam or PVN)'s leading position changed.
The decline in gas shares affected all other shares on the market,
including bank and insurance shares, thus driving the market down.
Big gas shares such as Petrovietnam Gas Corporation (GAS),
Petrovietnam Drilling and Well Service Corporation (PVD) on the southern
bourse, Petroleum Technical Services Corporation (PVS) and Drilling Mud
Corporation (PVC) on the northern market fell from their previous
values.
However, market liquidity improved in comparison to last Friday with a
total of 175.5 million shares traded on both markets, worth VND2.76
trillion (US$128 million).
Both bourses declined with a total of 131 advancing codes, 259 declining ones and 276 flat ones.
On the HCM Stock Exchange, the VN Index lost eight points or 1.29 per cent to end at 620.54 points.
The fall in gas codes also shut down insurers' rises, such as BIDV
Insurance Corporation (BIC), Bao Minh Insurance Corporation (BMI) and
Bao Viet Holdings (BVH). BIC lost 5.77 per cent while BVH dropped by
5.42 per cent.
Vietinbank (CTG) was the only bank code that made gains yesterday,
with an increase of 1.83 per cent to end at VND22,200. Other banks
recorded losses in their market values, such as the Bank for Investment
and Development of Viet Nam (BID) and Vietcombank (VCB), which fell 1.57
and 3.13 per cent, respectively.
However, some securities shares and other shares such as Ocean Group Corporation (OGC) had positive performances.
Despite being tradable only in the afternoon, OGC was the most active
code on the market with nearly 10 million shares traded. OGC also
continued to hit the ceiling value, gaining 3.85 per cent at the end of
yesterday's session.
Some large-cap securities shares recovered, helping prevent a deeper
market descent. HCM City Securities Corporation (HCM) and Sai Gon
Securities Incorporation (SSI) were up 0.8 per cent and 0.77 per cent at
the end of the session.
On the Ha Noi Stock Exchange, the HNX Index extended its loss by 1.31 per cent to finish at 85.93 points.
Unlike the southern bourse, Ha Noi continued its slump as all leading shares on the market slid compared with last Friday.
Bank shares and securities shares also fell, affecting the market.
Sai Gon-Ha Noi Bank (SHB) was the most dynamic code on the market
with more than 5 million of its shares traded. But SHB declined 3.33 per
cent.
Insurance codes declined the most among leading shares. PVI Holdings
(PVI) and Post & Telecommunication Joint Stock Insurance Corporation
(PTI) lost 9.22 and 8.29 per cent to end at VND19,700 and VND17,700 per
share.
Foreign investors returned to be net buyers, totaling VND22.68
billion ($1.05 million) while being recorded as net sellers last Friday
with a total value of VND24.11 billion ($1.11 million).