Shares drop on large-caps variation
Shares failed to maintain their rally on Monday with the market experiencing strong volatility with big variation in large-caps’ prices.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HOSE) declined 0.29 per cent to close at 868.72 points.
The index had gained a total of 2.78 per cent last week.
More than 246 million shares were traded on the southern market, worth VND4.3 trillion (US$185.9 million).
Market breadth was negative with the number of decliners on the HOSE outnumbering the gainers by 230 to 149.
The VN30 Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, lost 0.35 per cent to close Monday at 806.17 points.
Shares gained slightly during the morning session fueled by the growth of blue-chips in banking and securities sectors.
But the afternoon session witnessed increasing selling pressure with many large-cap stocks falling, such as insurer Bao Viet Holdings (BVH), steel maker Hoa Phat Group (HPG), Masan Group (MSN), Vingroup (VIC), dairy firm Vinamilk (VNM), brewery Sabeco (SAB), VPBank (VPB), Vincom Retail (VRE), Phu Nhuan Jewellery (PNJ), Mobile World Group (MWG) and Vinhomes (VHM).
Although some pillars still gained ground such as FPT Corporation (FPT), PetroVietnam Gas JSC (GAS), Vietinbank (CTG), Vietcombank (VCB) and Viet Nam National Petroleum Group (PLX), their support was not strong enough to help the market rally.
According to Thanh Cong Securities Company, the VN-Index may fluctuate in the coming sessions, withstanding correcting pressure when approaching the 875-885 point range.
The company recommended that investors maintain share rates of 30-50 per cent in their portfolios and prioritise stocks with positive business results in the second quarter of 2020.
On a sector basis, 17 out of 25 sectors on the market suffered losses on Monday, including wholesale, retail, insurance, real estate, securities, banking, rubber production, food and beverage, seafood production, construction materials and logistics.
On the other side, losers were information and technology, agriculture, healthcare and energy.
Foreign investors net sold VND64.3 billion on HOSE. They were net sellers on the HNX with a value of VND40 million.
On the Ha Noi Stock Exchange, the HNX-Index was down 0.01 per cent to end Monday at 115.65 points.
More than 33.8 million shares were traded on the northern market, worth VND370.5 billion.