Illustrative image (Source: VNA)The benchmark VN-Index on the Ho Chi Minh Stock Exchangeinched down 0.2 percent to 665.1 points, erasing the previous day’s gain of 0.2percent. The Index slipped 1.6 percent for the whole week.
On the Hanoi Stock Exchange, the HNX-Index closed down 0.5 percentat 81.2 points. The gauge decreased 0.2 percent this week.
After December 1’s momentum, oil and gas stocks such asPetroVietnam Drilling and Wells Service (PVD), PetroVietnam Technical Services(PVS), PetroVietnam Drilling Mud (PVC) PetroVietnam Coating (PVB) all slippedbetween 0.8 percent and 2.2 percent.
The largest oil stock PV Gas (GAS) was also down 0.9 percent.Only Petroleum Equipment Assembly & Metal Structure (PXS) gainedmarginally.
According to Tran Hai Yen, a stock analyst at Bao VietSecurities Co, increases in global oil prices in recent days were a short termreflection and in the long term, oil prices would still depend on demand andsupply, especially on demand which is volatile and unpredictable.
“In addition, the compliance level among OPEC members isalso a factor which should be kept in mind,” Yen wrote in a note.
“Prospects for oil and gas stocks therefore need more timeto be observed to have better analysis,” she added.
On the other end of spectrum, financial, steel and realtyshares continued their upward movements and cushioned the market.
Gainers included Vietcombank (VCB), Military Bank (MBB),Sacombank (STB), HCM Securities Corp (HCM), steelmakers Hoa Phat Group (HPG), HoaSen Group (HSG), Tan Tao Investment Industry (ITA) and Kinh Bac CityDevelopment (KBC). All were among the top 30 shares by market capitalisation.
Overall market conditions were negative as the number oflosing shares outnumbered gaining ones by 232-170. 292 stocks closed flat.
Liquidity increased slightly with nearly 179 million sharesworth 3.5 trillion VND (154.2 million USD) traded in the two markets, up 3.2 percentin volume and 9.4 percent over the previous session.
Foreign sectors continued to offload local shares on the twoexchanges, responsible for a total net value of 142.6 billion VND. They focusedsells on large-cap stocks as their most-sold stocks were the 10 highest valuedstocks on the HCM Stock Exchange.
Vinamilk (VNM) again topped the list with net sell value ofover 55 billion VND.-VNA
