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Petroleum, banking stocks decline
By Phuong Thao
Wednesday,  Nov 14, 2018,18:51 (GMT+7)

Petroleum, banking stocks decline

By Phuong Thao

HCMC – Heavy selling pressure sank many leading stocks in the banking and petroleum sectors today, November 14, sending the VN-Index of the Hochiminh Stock Exchange down for the second straight session.

The main index closed at a four-month low of 900.93, losing 4.45 points, or 0.49%, against the previous session. Without large block deals like Tuesday, turnover on the southern market turned low, with volume and value contracting 16% and 6% at 142.3 million shares worth nearly VND3.4 trillion, respectively.

Oil and gas stocks slumped further as the global oil price extended its losses, with gas group GAS shedding nearly 4% at VND90,200. Meanwhile, fuel distributor PLX fell 2.6% at VND55,000 and drilling firm PVD lost 3.7% at VND15,300.

For the banking sector, eight out of nine listed lenders closed in the negative territory, in which BID was the top loser for slumping 3.6% at VND21,200. Meanwhile, EIB and TPB bucked the trend as they gained 2.2% and 0.3% at VND13,650 and VND25,500, respectively.

On the positive side, VIC, the top heavyweight active in the property sector, added 1.5% at VND94,700 while its associated firm VHM closed flat at VND75,800. VNM, a dairy enterprise, also advanced nearly 1.3% at VND117,500.

HPG became the most actively traded stock on the southern bourse with 8.2 million shares exchanged but the steel maker declined 2.9% at VND35,800, while its fellow steel firm HSG reported matching volume of 4.1 million shares. FLC, a real estate company, dipped 3% at VND5,480 on volume of 5.3 million shares.

Receiving no support from large caps, the HNX-Index of the Hanoi Stock Exchange tumbled 1.27 points, or 1.24%, at 101.2. Trading volume improved 6% versus Tuesday at 40.6 million shares but value fell slightly at VND513 billion.

Among the top four heavyweights, lender ACB gave up 2.5% at VND27,600 while its fellow bank stock SHB decreased 2.7% at VND7,200 and petroleum stock PVS dipped 2.6% at VND18,200. VCS, which is active in the industrial sector, was the only gainer for inching up 0.7% at VND73,400.

Having net bought shares of sugar firm SBT for six sessions in a row, foreigners net sold over four million shares of SBT with the combined value of nearly VND90.9 billion. Overall, foreigners net sold over 2.7 million shares valued at VND12.3 billion on the HCMC market.

On the Hanoi exchange, foreigners net sold VND12 billion worth of shares. On Tuesday, the investors net bought VND3.4 billion.

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