VN Index retreats from 9-year high

The VN Index on the HCM Stock Exchange on February 3 retreated from its nine-year high as investors tried to take profits from stocks’ recent good gains.

Investors at Sacombank Securities Company in HCM City. The stock market ended mixed yesterday with the benchmark VN Index falling from the nine-year high of 703.18 points (Photo: VNA)

The benchmark index was down 0.4 percent to close at 700.35 points. It had rallied total 3 percent in the previous five sessions to touch a nine-year high of 703.18 points on February 2.

Trading market liquidity increased slightly from the previous trading day with more than 124.6 million shares being traded, worth VND2.39 trillion (US$106.34 million).

The performance of the banking sector was negative as most listed banks on the southern bourse saw their values decline during the session while only Eximbank (EIB) maintained its upward trend, rising 6.3 percent to total a four-day jump of 15 percent.

Vietcombank (VCB) fell 1.9 percent from a four-day increase of 3.8 percent, Vietinbank (CTG) lost 1.3 percent after rising 8.1 percent in the previous six sessions, and MBBank (MBB) edged down 0.4 percent following its three-day gain of 2.9 percent.

Other blue chips such as PetroVietnam Gas Corp (GAS) and property developer Vingroup (VIC) also ended in the red on profit-taking. These two stocks ended down 1.2 percent each. GAS had gained 5.4 percent in the previous seven days.

On the opposite side, some companies with impressive earnings reports for 2016 helped the southern bourse avoid falling further, including property firm FLC Group (FLC) and Faros Construction Corp (ROS).

FLC reached its daily price increase limit of 7 percent after reporting total revenue of VND6.34 trillion, up 19.2 percent from 2015, and total post-tax profit of VND987 billion, up 9.6 percent year on year.

On the Hanoi Stock Exchange, the HNX Index rallied for a fourth day, increasing 0.5 percent to end at 85.03 points. The northern market index has moved up total 2.4 percent in the last four sessions.

Market trading liquidity on the northern bourse increased sharply from February 2 with more than 28.5 million shares being traded, worth VND259.6 billion.

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