Shares dropped on July 20 as blue chip stocks diverged and money flowed to companies releasing solid earnings results (Photo: VNA)
Hanoi (VNA) - Shares dropped on July 20 as blue chip stocks diverged andmoney flowed to companies releasing solid earnings results.
TheVN Index on the HCM Stock Exchange recovered in the afternoon trade but stillclosed down 0.37 percent at 768.41 points. The key southern market indexincreased 0.5 percent on July 19.
Large-capstocks were mixed on the HCM City bourse. Sixteen of the top 30 largest firmslost value while 12 gained.
BreweryHabeco (BHN) dropped by a daily maximum 7 percent, which dragged down theVN-Index.
Despitethe global oil prices hitting a six-week high and petrol retail priceincreasing slightly after two consecutive declines, the biggest oil listedcompany PV Gas (GAS) dipped 1.1 percent, while Petrolimex (PLX) slipped 1.5 percent.
Therubber and retail sectors were badly hit, with major companies including MobileWorld Group (MWG), FPT Corp (FPT), Sao Vang Rubber (SCR), Da Nang Rubber (DRC),Southern Rubber Industry (CSM) ticking down between 0.3 percent and 4.5 percent.
Rubbershares recorded the biggest drop of 2.6 percent on average, followed by retailstocks with an average decrease of 1.1 percent, vietstock.vn datashowed.
Onthe positive side, some banks recovered and cushioned the market.
Fourof six listed lenders in the HCM City’s market gained value, of which BIDV(BID) was the biggest gainer with 2.9 percent; Eximbank (EIB) up 2.2 percent,Military Bank (MBB) up 1.5 percent, and Vietinbank (CTG) up 0.5 percent.
“Themarket is expected to move sideways in a divergence. Stocks having solidearnings results will still obtain investment in the short term,” said Tran Bach,a stock analyst at Bao Viet Securities Co.
Releasingpositive earnings in the second quarter, shares of Refrigeration ElectricalEngineering Corp (REE), Pha Lai Thermal Power (PPC) and Imexpharm Corp (IMP)rose 3.1 percent, 6.6 percent and 2.8 percent, respectively.
“However,the market is hardly likely to record a surge,” Bach wrote in a note.
Onthe Hanoi Stock Exchange, the HNX Index decreased 0.15 percent to 98.65 points.
Liquiditycontinued to decline. A total of 242.5 million shares worth a combined 4trillion VND (176.2 million USD) were traded in the two markets, down 20 percentin both volume and value compared to July 19’s figures.-VNA
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Shares dropped on July 20 as blue chip stocks diverged and money flowed to companies releasing solid earnings results (Photo: VNA) 
