Market falls sharply on persistent selling force
Market falls sharply on persistent selling force
The stock market fell deeply on Monday morning, as a selling force continued to weigh on investor sentiment.
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index fell below the 1,200 point-level for the first time since May 16. Accordingly, the market benchmark lost 21.73 points, or 1.79 per cent, to 1,195.57 points.
The market's breadth was negative with 359 stocks declining, of which 43 stocks hit the maximum daily loss of 7 per cent, while only 95 stocks increased.
Liquidity remained at a low level as investors poured VND7.3 trillion (US$314.6 million) into the southern market, equal to a trading volume of nearly 313.6 million shares.
The index extended the last session's downtrend as selling pressure was lingering.
Many large-cap stocks also posted poor performance this morning. Of which, the VN30-Index ended the morning trade at 1,239.82 points, a dip of 18.21 points, or 1.45 per cent.
Twenty-four of the 30 biggest stocks in the VN30 basket plummeted, while only four inched higher and two stayed flat.
Energy, manufacturing, real estate and bank stocks led the downside risk with PV Gas (GAS) losing the most, down 5.82 per cent.
It was followed by Hoa Phat Group (HPG), Vingroup (VIC), Vinhomes (VHM) and BIDV (BID), all decreasing at least 1.36 per cent.
On the Ha Noi Stock Exchange (HNX), the HNX-Index dropped by 5.43 points, or 1.94 per cent, to 274.63 points.
