Market plunges on selling pressure
Việt Nam's market faced strong headwinds on Tuesday morning, as selling pressure appeared on both southern and northern exchanges.
On the Ho Chi Minh Stock Exchange (HoSE), the benchmark VN-Index posted a sharp decline of 3.29 per cent to end the morning session at 1,127.7 points. Overall the market breadth turned negative with 417 stocks going down, while only 54 climbed.
The large-cap basket also witnessed a strong decrease of more than 3 per cent. The VN30-Index fell 3.09 per cent to 1,118.59 points. Only two of the 30 largest stocks posted a rise, while 28 stocks declined. The two stocks which recorded a gain this morning, were property developers including Nova Land Investment Group Corporation (NVL) up 0.13 per cent and FLC Faros Construction JSC (ROS) up 0.88 per cent.
All sectors including banking, securities, production, real estate, construction, logistics, utilities, retail and IT posted poor performance.
Many big banking stocks fell more than 4 per cent such as JSC Bank For Investment And Development Of Vietnam (BID) down 5.83 per cent, VPBbank (VPB) down 5.43 per cent, MBBank (MBB) down 4.76 per cent or HDBank (HDB) down 6.04 per cent.
On the Hanoi Stock Exchange, the HNX-Index also decreased by 2.56 per cent to end the morning session at 225.9 points. The HNX30-Index declined 5.3 per cent to 342.64 points.