Stocks Lose Ground on Pillars, Oil Stocks

VIETNAM, March 12 –

A motorbike is filled up at a Việt Nam National Petroleum Group (PLX) gas station in the southern province of Ninh Thuận. Photo VNA/VNS Công Thử

HÀ NỘI — Stocks lost ground on Friday due to a sharp drop in mainstay stocks and the oil and gas stock group.

The market benchmark VN index on the Ho Chí Minh Stock Exchange (HoSE) fell 0.85% to close at 1,466.54 points. The index had gained 0.36% to close Thursday at 1,479.08 points.

Market breadth remained positive with 295 winners and 164 losers.

Liquidity increased from Thursday’s session with more than 878 million shares traded on the South Exchange, worth nearly 28 trillion VNĐ ($1.2 billion).

The benchmark index lost ground, with some mainstay stocks falling sharply. The VN30 index lost 0.88% to 1,477.14 points.

Eight of HoSE’s 30 largest stocks by market capitalization in the VN30 basket rose, while 22 stocks fell.

The loss of the VN-Index widened due to the fall in blue chips. The largest company by market capitalization Vingroup (VIC) fell 0.1%. Its two branches Vinhomes (VHM) and Vincom Retail (VRE) fell by 0.3% and 0.5% respectively.

Energy stocks came under selling pressure with losers such as Việt Nam National Petroleum Group (PLX), PVPower (POW), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD), Drilling Mud Joint Stock Corporation (PVC) and PetroVietnam Gas JSC (GAS).

The banking group differentiated the winners among which Vietinbank (CTG), Sacombank (STB), Vietcombank (VCB), Military Bank (MBB), Bank for Investment and Development of Viet Nam (BID). The losers however were Tiên Phong Bank (TPB), Techcombank (TCB), Eximbank (EIB) and VPBank (VPB).

Fertilizer stocks recorded gains, with the winners being Lâm Thao Fertilizers And Chemicals JSC (LAS) up 1.3% and Petro Việt Nam Cà Mau Fertilizer JSC (DCM) up 3.7%.

Twenty-one of 25 stock market sector indices posted losses, including real estate, securities, wholesale trade, retail trade, food and beverage, construction, sea, insurance and logistics.

The HNX index of the Hà Nội Stock Exchange (HNX) ended lower, with a drop of 1.22%, at 442.20 points.

The index rose 0.68% to close Thursday at 447.64 points.

More than 4 trillion VNĐ of shares were traded on the Northern Market, which equates to a trading volume of nearly 169 million shares. —VNS

Steve R. Hansen