Hanoi (VNA) ♎- Vietnamese shares on July 22 slid for a fourth day as the banking sector was the worst-hit industry on the market.
The benchmark VN Index on the HCM Stock Exchange fell 1.5 percent to finish at 649.87 points. The southern market has gone down 3.5 percent in the last four sessions.
The HNX Index on the Hanoi Stock Exchange edged down 0.7 percent to close at 84.07 points, totalling a four-day decrease of 3.4 percent.
The banking sector took the lead in driving markets down as investor confidence was low during the trial of the Vietnam National Construction Bank’s officials, who caused a massive loss for the bank worth thousands of billions of dong, HCM City Securities Corp wrote in its report on July 21.
Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB) plunged 6.3 percent even though it reported a pre-tax profit of 4.27 trillion VND (192 million USD) for the first half of the year, a year-on-year increase of 35.5 percent.
Other banks such as Vietnam Import-Export Joint Stock Commercial Bank (EIB), Asia Commercial Bank (ACB) and Sai Gon-Hanoi Bank (SHB) were down between 1.1 percent and 6.1 percent.
Other financial stocks, including insurance companies and brokerage firms, also extended losses.
Sai Gon Securities Inc (SSI) and VNDirect Securities Corp (VND) dropped 2.2 percent each, and HCM City Securities Corp (HCM) lost 1.6 percent.
Among insurance companies, Bao Viet Holdings (BVH) was down 0.8 percent, Vietnam National Reinsurance Corp (VNR) declined by 2 percent and Petrolimex Insurance Corp (PGI) slid 1.1 percent.
Energy stocks were also among the strongest decliners. PetroVietnam Gas Corp (GAS), PetroVietnam Drilling and Well Service Corp (PVD) and PetroVietnam Coating Corp (PVB) slipped between 2 percent and 2.5 percent.
Other blue chips on both local exchanges, such as Vietnam Dairy Products JSC (VNM), property developer Vingroup JSC (VIC), Tiền Phong Plastic JSC (NTP) and Port of Hai Phong JSC (PHP), all recorded losses.
On the positive side, some stocks that had fallen sharply became attractive to investors such as Binh Duong Mineral and Construction JSC (KSB), which surged 6.3 percent from a three-day plunge of 18.5 percent.
Investors traded nearly 221 million shares worth 3.72 trillion VND, an increase of 30 percent from the July 21 trading value.-VNA
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Illustrative image (Source: VNA)
