Benchmark indices extend losses
Benchmark indices extend losses
The stock market extended the bearish trend on Monday, weighed by risk-averse sentiment from both domestic and foreign investors.
Novaland's office in An Phu Ward, District 2, HCM City. The company's shares slumped more than 6 per cent on Monday. — Photo courtesy of Novaland |
The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) decreased by 9.82 points, or 0.88 per cent, to close the trading day at 1,105.4 points. This marked its fourth day of decline.
The breadth of the market inclined to the negative zone, as declining stocks outnumbered gaining ones. On the southern bourse, 233 stocks dropped while 95 ticker symbols inched higher.
Liquidity slumped with the trading value on HoSE down more than 36 per cent over the last session to VND14.3 trillion (US$608.5 million). The exchange's trading volume also tumbled by 33.3 per cent to over 811.3 million shares.
The benchmark index was dragged by losses in many large-cap stocks. The VN30-Index, which tracks the 30 biggest stocks on HoSE, traded lower at 1,098.94 points, down 10.12 points, or 0.91 per cent.
In the VN30 basket, ten stocks climbed higher, while 18 went down, and two stayed flat.
Vietcombank (VCB) posted the biggest loss on Monday and led the market's fall. The bank's shares plummeted by 3.14 per cent.
Other pillar stocks in the financial sector weighing on the sentiment were Techcombank (TCB), down 1.38 per cent, BIDV (VID) lost nearly 1 per cent, MBBank (MBB) down 0.76 per cent, and VNDirect Securities Corporation (VND) fell by 1.03 per cent.
Also pressuring the market, realty and manufacturing stocks faced strong sell-off on Monday.
Two of the trio Vin family stocks, Vingroup (VIC) and Vinhomes (VHM), dipped by 2.62 per cent and 1.75 per cent, respectively. Another appealing property developer Novaland also saw a sharp fall of 6.04 per cent.
Meanwhile, Masan group (MSN), Gelex Group (GEX), Hoa Sen Group (HSG), and Nam Kim Group (NKG) all lost at least 1.5 per cent in the opening session of the week.
Similarly, the HNX on the Ha Noi Stock Exchange (HNX) finished Monday at 226.52 points, a decline of 1.92 points, or 0.84 per cent.
The market was also under the pressure of foreign capital outflows as foreign investors were net sellers on HoSE. Particularly, they net sold more than VND104.4 billion on the southern bourse but net bought VND4.83 billion on HNX.
