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Vietnam index drops 1.3pc, most big caps lose

Vietnam index drops 1.3pc, most big caps loseHANOI: Vietnam’s benchmark VN Index ended down 1.29 percent on Monday with most blue-chip shares losing, due partly to the decline of energy stocks following a change in state oil and gas group PetroVietnam’s management.

Petrovietnam Gas, the country’s second-biggest firm by market value fell 3.23 percent to close at 60,000 dong ($ 2.75) per share, the lowest since May 18. Other energy shares also ended down.

GAS stocks lost after the government relieved the chairman of state oil and gas group PetroVietnam, the parent firm, from his post to move him to the Industry and Trade Ministry, the government’s news website said. (baochinhphu.vn)

Most banking shares dropped including Hanoi-based Vietcombank, the country’s top firm by market value, that declined 3.14 percent and lender BIDV with a 1.57-percent loss.

VietinBank bucked the trend to rise 1.83 percent and steel producer Hoa Phat Group ended up 0.99 percent after the firm said its first-half net profit rose 1.6 percent from a year earlier to 1.9 trillion dong ($ 87.08 million).

Copyright Reuters, 2015

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