Selling pressure weighs on market, VN-Index loses over 41 points
The stock market fell sharply on Monday morning as strong selling pressure re-emerged.
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index dropped 41.44 points, or 3.19 per cent, to 1,257.87 points. The market breadth was negative with 322 stocks declined while 57 stocks increased.
The market liquidity was low as just 329.3 million shares were traded on the southern market, worth over VND10.15 trillion (US$441.3 million).
The index's fall was mainly due to losses in most stocks across all sectors. Accordingly, the VN30-Index, tracking 30 biggest stocks in market capitalisation on HoSe, also witnessed a decrease of 48.37 points, or 3.36 per cent, to 1,389.68 points. Of the VN30 basket, 28 stocks inched down while only two rose.
On the Ha Noi Stock Exchange (HNX), the HNX-Index edged down 2.76 per cent to 299.27 points.
Dominating the market's trend was still pillar stocks from real estate, banking and material sectors. Of which, Vietcombank (VCB) posted the biggest losses, down 4.39 per cent in the morning trade.
It was followed by Vingroup JSC (VIC), Vinhomes JSC (VHM), Hoa Phat Group (HPG) and Techcombank (TCB). All these stocks plunged more than 2.5 per cent.
Many other stocks lost more than 1 per cent, including VPBank (VPB), Vietinbank (CTG), Vinamilk (VNM), Vietnam Rubber Group (GVR), Novaland (NVL), PetroVietnam Gas JSC (PVGas, PVG), FPT Corporation (FPT), Vietjet Aviation JSC (VJC), and Mobile World Investment Corporation (MWG).