VN stocks pulled down by food, rubber

Photo taken of investors on BSC's trading floor. The food and beverage sector yesterday helped pull markets down. - VNS Photo Trương Vị

The benchmark VN Index on the HCM Stock Exchange dropped 0.6 per cent to close at 575.82 points, ending its gain of 0.9 per cent over the last two sessions.

The HNX Index on the Ha Noi Stock Exchange was nearly unchanged at 80.59 points, rallying 1.2 per cent in the last three days.

Masan Group (MSN), sugar producer Thanh Thanh Cong JSC (SBT) and seafood maker Hung Vuong JSC (HVG) pulled the food and beverage sector down.

MSN dropped 1.4 per cent after the company on Thursday announced that Masan may not pay last year's dividend for its shareholders. MSN has fallen 4.7 per cent in the last four sessions.

SBT slumped 6.8 per cent despite Market Vectors Vietnam ETF (VNM ETF) adding the stock to their investment portfolio for the next quarter. SBT had rose 9.2 per cent during the previous four trading days.

HVG lost 1.7 per cent after the stock had increased 12 per cent in the previous six days.

Among property developers, Vingroup JSC (VIC), Tan Tao Investment Industrial JSC (ITA), Kinh Bac City Development Share Holding Corporation (KBC) and Phat Dat Real Estate Development JSC (PDR) were the biggest losers.

VIC and ITA fell 2 per cent each, KBC was down 1.6 per cent and PDR slumped 3.5 per cent.

Natural rubber producers yesterday also helped drive the markets down as rubber prices on the Tokyo Commodity Exchange declined by 1.6 per cent to trade at 176 (US$1.58) yen per kilogramme.

Hoa Binh Rubber JSC (HRC) dropped 2.4 per cent, Tay Ninh Rubber JSC (TRC) lost 1.7 per cent, and Quang Nam Rubber Investment JSC (VHG) was down 1.6 per cent.

Plastic producers, however, lifted markets. Binh Minh Plastic JSC (BMP) jumped 4.4 per cent, Tien Phong Plastic JSC (NTP) gained 2.3 per cent, and Rang Dong Plastic JSC (RDP) advanced 2.8 per cent.

Both markets also received strong boosts from other large-cap stocks such as information and technology firm FPT Corporation (FPT), HCM City Securities Corporation (HCM), Bao Minh Insurance Corporation (BMI) and steel maker Hoa Sen Group (HSG).

Market liquidity yesterday rose from Thursday's figures as exchange-traded funds revised their investment portfolios for the next quarter, Bao Viet Securities Corporation (BVSC) wrote in a report.

Both local markets traded nearly 283 million shares worth VND4.58 trillion ($203.7 million), an increase of more than one-third from Thursday's trading value.