VN stocks retreat in early session

July 28, 2016 | 14:00

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Vietnamese shares fell in the early session as investors remained cautious over the market's current slowdown.

The benchmark VN Index on the HCM Stock Exchange and the HNX Index on the Ha Noi Stock Exchange dropped 0.4 per cent each to close at 653.65 points and 83.36 points, respectively.

Insurance companies, banks and oil firms weighed on investor confidence.

Most of the nine listed banks declined between 0.6 per cent and 1.8 per cent, including Vietcombank (VCB), Sacombank (STB) and Sai Gon-Ha Noi Bank (SHB).

The insurance sector was driven down by Bao Viet Holdings (BVH), Bao Minh Insurance Corp (BMI) and PVI Holdings (PVI), which slid between 0.7 per cent and 1.7 per cent.

Oil stocks retreated from Wednesday's gains. PetroVietnam Gas Corp (GAS) plunged 4.1 per cent, PetroVietnam Technical Service Corp (PVS) was down 1.2 per cent and PetroVietnam Drilling and Well Service (PVD) slipped 1.1 per cent.

However, property developers and plastic producers helped to lift the stock market.

Vingroup JSC (VIC) and Kinh Bac City Development Holding Corp (KBC) were the forces that drove up the real estate sector.

Among plastic producers, Binh Minh Plastic JSC (BMP), An Phat Plastic and Green Environment JSC (AAA) and Rang Dong Plastic JSC (RDP) made gains.

Investors' cautiousness resulted in low trading liquidity. Both local exchanges saw nearly 92.8 million shares being traded, worth VND1.54 trillion (US$68.5 million).

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