Large-cap stocks extend losses, VN-Index falls for 2nd day
The market ended lower on Tuesday as some large-cap stocks lost further in the late session, causing the VN-Index to lose ground. Meanwhile, foreign investment kept fleeing the market.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) fell 0.76 per cent to end at 1,078.14 points.
The index had plunged 4.03 per cent, to close Monday at 1,086.44 points.
The market's breadth remained negative with 144 gainers and 312 losers.
More than 582.8 million shares traded on the southern market, worth over VND12 trillion (US$502.5 million).
The index was weighed by losses in some large-cap stocks, with the VN30-Index posting a decrease of 0.39 per cent, to 1,097.72 points. Fourteen of the 30 biggest stocks in the VN30 basket slid, while 15 stocks climbed and one stayed flat.
Pillar stocks continued to lead the market's downtrend. Losers in the group included Viet Nam Rubber Group (GVR), down 6.2 per cent, Bao Viet Holdings (BVH), falling 3.2 per cent, PetroVietnam Gas JSC (GAS) declining 0.9 per cent, Hoa Phat Group (HPG) losing 4.6 per cent and SSI Securities (SSI) dropping 3.5 per cent.
Bank stocks also contributed to the benchmark's losses with Asia Commercial Bank (ACB) down by 2.8 per cent, Sacombank (STB) down by 2.3 per cent, Tien Phong Bank (TPB) down 0.2 per cent and BIDV (BID) down 1.7 per cent.
The index pared losses on the back of some stocks like Phat Dat Real Estate Development JSC (PDR), Vinhomes (VHM), Sabeco (SAB), Mobile World Group (MWG), Khang Dien House (KDH), FPT Corporation (FPT) and Vietjet (VJC).
On the Ha Noi Stock Exchange (HNX), the HNX-Index lost 1.07 per cent, to 235.61 points.
During the session, 56 million shares were traded on the northern market, worth over VND937 billion.
On the other hand, foreign investors still were net sellers on both main exchanges, with a total value of VND500 billion.
The current support level of VN-Index is 1,070-1,080 points. However, the market sentiment is currently negative, the index might break this support in the next few sessions, said BIDV Securities Co.