Stock market plummets on widespread selling pressure

Stock market plummets on widespread selling pressure

Foreign investors returned to the market as they net bought nearly VNĐ1 trillion on the HoSE, providing some support to the market amidst the turmoil.

Vietcombank's tellers work at its office in Hà Nội. Shares of the lender plunged by nearly 3.3 per cent on Monday, leading the market's downtrend. — VNA/VNS Photo

The stock market experienced a significant decline on Monday as broad-based selling swept across the trading floor.

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index closed at 1,624.53 points, down 42.44 points, or 2.55 per cent. This marks the biggest drop in several weeks, pushing the index to the lowest since August 25 after a brief recovery period.

The market was predominantly painted red, with 285 stocks declining compared to only 56 that advanced. Liquidity on the southern bourse remained high at nearly VNĐ53.2 trillion (US$2 billion).

The VN30-Index, tracking the 30 biggest stocks on HoSE, also saw a significant drop of 38.22 points, or 2.07 per cent, to close at 1,807.22 points. In the VN30 basket, 26 ticker symbols decreased, while only one ticked up and three stayed flat.

Similarly, the HNX-Index on the Hanoi Stock Exchange (HNX) fell by 9.1 points, or 3.24 per cent, to 271.57 points.

Following a sharp correction after reaching the 1,700-point mark at the end of last week, many analysts predict that the VN-Index may continue to fall, potentially ending the short-term upward trend.

The banking group faced the most intense selling pressure, with all stocks closing below their reference prices. Notably, VPBank (VPB) and Eximbank (EIB) hit the floor prices, while larger-cap stocks like Vietcombank (VCB), BIDV (BID) and Vietinbank (CTG) experienced more modest declines ranging from 1.6 per cent to 3.3 per cent.

Although several securities stocks saw gains in the morning, they plummeted in the afternoon.

Tien Phong Securities Corporation (ORS), VIX Securities Company (VIX) and Viet Dragon Securities Corporation (VDS) all logged the biggest daily loss of 7 per cent, while SSI Securities Corporation (SSI) reversed a nearly 3 per cent gain in the morning to finish down 0.7 per cent.

Real estate stocks also took a hit today, with declines exceeding 5 per cent for Novaland (NVL), Phat Dat Real Estate Development JSC (PDR), Ho Chi Minh City Infrastructure Investment JSC (CII), 577 Investment Corporation (NBB) and TTC Land (SCR).

However, some stocks managed to diverge from the downward trend, with Dat Xanh Group (DXG) and An Gia Real Estate Investment and Development Corporation (AGG) showing gains, while Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE) remained unchanged.

Meanwhile, foreign investors returned to the market as they net bought nearly VNĐ1 trillion on the HoSE, providing some support to the market amidst the turmoil. 

Bizhub