Investors watch the stock indices at Hoang Gia Stock Floor in Ha Noi. (Photo: VNA)
Hanoi (VNA)✱ - Vietnamese shares mostly fell on December 4 on the two local exchanges as banks pulled back after recent gains.
The benchmark VN Index on the HCM Stock Exchange dropped by 0.5 percent to close at 571.62 points while the HNX Index inched up 0.1 percent to end at 80.14 points.
The banking sector dropped 1.1 percent, led by the biggest banks such as Vietcombank, the Bank for Investment and Development of Vietnam (BIDV) and Sacombank, due to investors as these banks had recently made gains.
Vietcombank (VCB) was down 0.7 percent after gaining 1.2 percent in the previous two days, BIDV (BID) fell 2.4 percent after the stock had surged 4.4 percent, and Sacombank (STB) lost 0.9 percent after it had risen 5.5 percent over the previous three sessions.
Vietnamese textile exporters also declined. The biggest exporters such as GHome Textile Investment JSC (G20) fell 2.8 percent, Century Synthetic Fiber Corporation (STK) dropped 1.5 percent, and Thanh Cong Textile Garment Investment Trading JSC (TCM) declined by 2.3 percent.
In addition, local plastic firms fell after their input costs would likely rise after the global oil prices increased sharply following a proposal made by the biggest crude oil producer, Saudi Arabia, on an output cut for the Organisation of Petroleum Exporting Countries (OPEC) on December 3.
The US benchmark crude West Texas Intermediate (WTI) jumped 2.9 percent to trade at 41.08 USD a barrel, and the Euro-based crude Brent gained 3.2 percent to 43.84 USD a barrel.
Local plastic companies such as Binh Minh Plastic Joint Stock Company (BMP) fell 0.8 percent after gaining 4.1 percent in the previous three days, and TienPhong Plastic Joint Stock Company (NTP) lost 0.7 percent.
Both local bourses traded more than 124 million shares, worth 1.68 trillion VND (74.7 million USD), a decrease of 42.5 percent from December 3.-VNA
Vietnamese shares extended losses for a third day as banks fell amid investor expectations that interest rate hikes in the US and Europe could undermine the profitability of local financial firms.
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Investors watch the stock indices at Hoang Gia Stock Floor in Ha Noi. (Photo: VNA)
