'Vin' stocks weigh on markets
Shares tumbled on Tuesday morning, dragged down by underperforming large caps, especially Vingroup and its subsidiaries.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange fell 0.31 per cent to close at 931.89 points.
More than 108.7 million shares were traded on the southern bourse for nearly VND1.9 trillion (US$81.8 million).
Thirteen out of 25 sectors on the market lost momentum.
Real estate, insurance, oil and gas, agriculture, food and beverage, construction materials and logistics were among the declining sectors.
Their indices declined between 0.04 per cent and 2.32 per cent, according to vietstock.vn.
Gaining sectors included retail, wholesale, insurance, healthcare, information and technology, banking, rubber production, seafood production and construction.
At the end of the morning session, the three stocks of the 'Vin' family, namely Vinhomes (VHM), Vingroup (VIC) and Vincom Retail (VRE), simultaneously dropped and placed great pressure on the VN-Index.
VHM decreased by 0.5 per cent, VIC declined by 3 per cent and VRE plunged by 2.4 per cent.
Brewery Sabeco (SAB) also dropped by 3 per cent and pushed the VN-Index down despite the rise of many other pillar stocks.
Asia Commercial Bank (ACB), Bank for Investment and Development (BID), FPT Corporation (FPT) and VPBank (VPB) were among the increasing large-caps, supporting the overall market. ACB increased by 1.5 per cent, BID was up by 1.6 per cent and FPT rose by 1.7 per cent.
The VN30-Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, lost 0.09 per cent to end Tuesday morning at 865.52 points.
On the Ha Noi Stock Exchange, the HNX-Index rose 0.73 per cent to end Tuesday morning at 110.37 points.
More than 17 million shares were traded on the northern market for VND279.6 billion.