Shares slide as selling pressure hits large-caps
Shares slide as selling pressure hits large-caps
Vietnamese shares tumbled on Monday morning due to a massive sell-off, affecting many large-cap stocks.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange dropped 0.71 per cent to close at 984.09 points.
The VN-Index declined 0.22 per cent last week.
The HNX-Index on the Ha Noi Stock Exchange fell 0.52 per cent to end at 103.17 points.
The northern market index lost 0.52 per cent last week.
The market opened the week with heavy pressure from many large-cap stocks. Blue chips like Asia Commercial Bank (ACB), Bao Viet Holdings (BVH), PetroVietnam Gas JSC (GAS), FLC Faros Construction Joint Stock Company (ROS), Kido Group (KDC), Vinhomes (VHM) and Vincom Retail (VRE) fell significantly.
BVH dropped by 1.2 per cent to VND82,000 per share. VHM lost 2.3 per cent to VND88,100 per share. VRE fell 1.4 per cent to VND35,750 per share. ACB was down 1.8 per cent to VND21,900 per share.
Asia Reach Investments Limited registered to sell nearly 1.3 million shares of Asia Commercial Bank (ACB) from August 6 to September 4. At the same time, First Burns Investments Limited also registered to sell over 513,200 ACB shares.
GAS decreased by 1.2 per cent to VND104,700 per share. Besides GAS, many stocks in the oil and gas group such as PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD), and PetroVietnam Construction Corporation (PVC) also declined.
Dragging the market down were real estate, securities, insurance, agriculture, seafood processing, and food and beverages, data on viestock.vn showed.
Large-cap stocks underperformed, pulling the VN30-Index down 0.47 per cent to 881.15 points, with 22 of the 30 largest stocks by market value and trading liquidity declining.
The afternoon trading session starts at 1pm.
