Viet Nam shares lose for fifth day

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Viet Nam shares lose for fifth day

Vietnam News - 8/18/2015 9:37:38 AM

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Vietnamese shares fell 2.7 per cent yesterday, extending losses for a fifth consecutive day, as bank and gas shares dragged the market down.

Eximbank (EIB) and Vietinbank (CTG) closed down nearly 7 per cent, the largest daily loss the exchange allows. Big banks such as BIDV (BID) and Vietcombank (VCB) also fell, dropping 6.3 per cent and 5.3 percent respectively.

The exchange's nine banking sector stocks declined an average of 4.3 per cent while energy companies lost 3.5 per cent in value from Friday.

On the HCM Stock Exchange, the benchmark VN Index dropped 16 points, or 2.7 percent, to 573.15 points. Out of the index's 308 companies, 159 tumbled and less than half of that number rose.

Trading liquidity was low amid investors concern that China may continue to devalue its currency.

Gas and oil shares tumbled as oil prices yesterday fell to below $42 per barrel, more than 60 per cent lower from a year earlier.

Petrovietnam Gas Joint Stock Corporation (GAS) yesterday finished at VND49,300 per share – a decrease of 6.1 per cent.

Bao Viet Holdings (BVH), one of biggest insurance companies on the market, dropped 3.7 per cent while Viet Nam Dairy Products Joint Stock Company (VNM) – the market's third largest company – fell 1.9 per cent.

On the positive side, property developer FLC Group (FLC) gained 2.7 per cent to VND7,600 per share and topped the market with more than 8.3 million shares traded.

On the Ha Noi Stock Exchange, the HNX Index fell by 2.3 per cent to finish at 78.99 points.

On the northern bourse, the number of gainers was half that of decliners by 57 to 122.

In total, investors in Ha Noi traded more than 40 million shares worth VND425.9 billion ($19.5 million).

Sai Gon-Ha Noi Bank (SHB) lost 1.37 per cent in its value and topped the market trading with more than 5 million shares traded

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