Shares cut early gains to end lower as bank stocks decline

HÀ NỘI — Vietnamese shares tri妹妹ed early gains on Monday with the VN-Index closing lower as banking stocks came under selling pressure towards the final minutes of trading.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange edged down 0.0 四 per cent to close at  一, 一 六 八. 二 七 points.

It had risen 0.0 二 per cent last week.

More than  六 五 二. 七 million shares were traded on the southern bourse, worth VNĐ 一 五. 六 trillion (US$ 六 七 三. 九 million).

Market breadth was positive with  二 七 四 gaining stocks and  一 八 三 losers.

After the lunch break, the market fluctuated in a quite negative direction as many banking stocks dropped sharply and pushed the VN-Index down to the reference level.

Asia Co妹妹ercial Bank (ACB) fell  二 per cent to VNĐ 三 一, 八00 per share, VPBank (VPB) lost by  一. 一 per cent to VNĐ 四 一, 三 五0 per share, Vietcombank (VCB) declined by  一. 五 per cent to VNĐ 九 五, 二00 per share and Techcombank (TCB) dropped by 0. 九 per cent to VNĐ 三 八, 八 五0 per share.

On the opposite side, the oil and gas sector increased, becoming one of the best-performing sectors in Việt Nam on Monday, data on vietstock.vn showed.

Vietnamese oil and gas stocks grew well, including PetroVietnam Gas JSC (GAS), Viet Nam National Petroleum Group (PLX), PetroVietnam Drilling Well Services Corporation (PVD), PetroVietnam Power Corp (POW), and PetroVietnam Technical Services (PVS).

“The market was moving sideways around  一, 一 六 八 points. Liquidity increased slightly from the previous session and market breadth was positive, showing that investment cash flow is spreading,” said BIDV Securities Co.

“Foreigners were net sellers on both HoSE and HNX. The VN-Index is likely to consolidate in the range of  一, 一 六0- 一, 二00 points in the coming sessions,” said the company.

Foreign investors net sold VNĐ 一. 二 五 trillion on HOSE, including PVPower (POW) (VNĐ 二 一 二. 八 billion), Vinamilk (VNM) (VNĐ 二0 三. 九 billion) and Hòa Phát Group (HPG) (VNĐ 一 七 一. 五 billion). Foreigners were net sellers on the HNX to the tune of VNĐ 九. 五 六 billion.

The large-cap tracker VN 三0-Index gained 0. 三 三 per cent to stay at  一, 一 七0 points.

Seventeen of the  三0 large-cap stocks in the VN 三0 basket decreased while  一 二 climbed.

In the VN- 三0 basket, Masan Group (MSN) was the biggest decliner with a  二 per cent drop, Vinhomes (VHM), Vietcombank (VCB), VPBank (VPB), Mobile World Group (MWG) and Khang Điền House (KDH) all lost more than  一 per cent.

In contrast, PVPower (POW) maintained its uptrend momentum of a more than  五 per cent increase, PetroVietnam Gas JSC (GAS) advanced  二 per cent, while Novaland (NVL) and The Refrigeration Electrical Engineering Corporation (REE) both climbed  一 per cent.

On the Hà Nội Stock Exchange, the HNX-Index rallied  一. 三 九 per cent to end Monday at  二 六 三. 四 二 points.

More than  一 四 四. 七 million shares were traded on the northern market, worth VNĐ 二. 一 trillion. — VNS