25/11/2016 11:04 GMT+7 Email Print Like 0

Vietnam stocks retreat on profit-taking

Hanoi, November 25 (VNA) - Shares fell on November 24 to end a three-day rally as investors tried to lock in profits and choppy crude prices resulted in a negative move for the energy sector.

The benchmark VN Index on the HCM Stock Exchange dropped 0.7 percent to close at 678.18 points, putting a dent in its three-day increase of 1.5 percent.

The HNX Index on the Hanoi Stock Exchange edged down 0.3 percent to finish at 81.18 points. The northern market index had gained 1 percent in the previous three sessions.

Blue chips were the major force that pushed the stock market down, with seven of the 10 largest companies by market capitalisation ending in the negative territory.

Those included Vietcombank (VCB), Bank for Investment and Development of Vietnam (BID), Vietinbank (CTG), Faros Construction Corp (ROS) and dairy producer Vinamilk (VNM).

VCB was down 0.8 percent after rising a total 2.1 percent in the previous three trading days, BID slid 0.6 percent after gaining 5.2 percent in the same period, and CTG slashed 2.1 percent from its gain of 3.1 percent.

VNM fell 1.7 percent to extend its loss to 2.8 percent after two sessions, and ROS slumped 6.6 percent – the worst fall since it was listed on the southern bourse in September 1. Faros’ share price soared more than nine times the starting price on September 1 to 118,000 VND on November 24.

The energy sector was mixed with most of the oil and gas stocks ending lower than the previous day’s closing levels in response to choppy global crude prices uncertain whether the Organisation of Petroleum Exporting Countries could agree on an output cut at its November 30 meeting.

Market trading liquidity was almost flat compared to November 23. Nearly 160 million shares were exchanged worth 2.78 trillion VND (123.7 million USD).