Investors trace market fluctuations at MB Securities' stock trading floor in Hanoi (Photo: VNA)Vietnamese shares on October 13 declined slightly on both local exchanges after a three-day jump as global oil prices fell, dragging local energy stocks down.
The VN Index on the HCM Stock Exchange dropped 0.2 percent to close at 590.84 points and the HNX Index on the Hanoi Stock Exchange lost 0.3 percent to end at 80.62 points.
This was the first drop for both VN Index and HNX Index after they jumped 2.2 percent and 1.5 percent, respectively, in the previous three days.
Energy stocks led decliners, with the energy index losing 2.4 percent as US benchmark crude West Texas Intermediate (WTI) fell 0.3 percent to trade at 46.95 USD a barrel.
WTI crude dropped after the International Energy Agency said on October 13 that a global oil supply glut will persist through 2016 as demand growth slows from a five-year high and key crude producers maintain near-record output.
The largest energy stocks suffered biggest losses. Petrovietnam Gas Corporation (GAS) dropped 2 percent, Petrovietnam Drilling & Well Services (PVD) and Petrovietnam Coating Company (PVB) were down 2.3 percent, and Petrovietnam Drilling Mud (PVC) lost 1.9 percent.
Saigon Securities Joint Stock Corporation (SHS) said in a daily report on October 13 that the brokerage expects the VN Index to drop to 580, or about 1.7 percent, over the next few days as excitement over the Trans-Pacific Partnership (TPP) free trade agreement wanes.
SHS also said investors may take profits after the recent rally in large-cap stocks such as Vietcombank (VCB), property developer Vingroup Corporation (VIC) and conglomerate FPT Corporation (FPT). VCB fell 0.4 percent, FPT dropped 0.7 percent and VIC was down 0.9 percent on October 13.
On the positive side, Vinamilk (VNM) and Binh Minh Plastics Joint Stock Company (BMP) were best gainers after the State Investment and Capital Company (SCIC) announced that the Government allowed the SCIC to sell all of its stakes in these two companies. At the end of the day, VNM gained 1 percent and BMP was up 3.6 percent.
FLC Group (FLC) remained the most active stock on the market for the second day with more than 9.4 million shares in trading and dropped 2.7 percent.
Both local exchanges traded more than 154.5 million shares and 2.32 trillion VND (103 million USD), equal to the average trading value in the last twenty days.-VNA
