Market opens week on negative note, VN-Index loses nearly 23 points

Market opens week on negative note, VN-Index loses nearly 23 points

Analysts predict that the short-term market trend remains downward. However, after breaking below the 1,620-point mark, the VN-Index may reverse course in the coming sessions.

Customers at a Sacombank trading office. The lender's shares dipped nearly 6 per cent on Monday, weighing on the market's downtrend. — Photo bnews.vn

The market benchmark VN-Index fell nearly 23 points in the first trading session of the week, marking a continuation of a three-day decline that has seen the index lose a total of nearly 70 points.

After two significant corrections at the end of the previous week, the stock market initially signalled a recovery today, opening in positive territory. The index, which represents the Ho Chi Minh Stock Exchange (HoSE), even rose by more than 10 points at one point.

However, this upward momentum did not last long as selling pressure intensified. The VN-Index saw large fluctuations during the session, before closing the day at 1,617 points, down 22.65 points, or 1.4 per cent. This marks its lowest level in over a month.

The HoSE was dominated by red, with 240 stocks declining, while only one-third of stocks posted gains.

The large-cap sector mirrored this trend, with 23 stocks falling compared to just four that rose. The VN30-Index, tracking the 30 biggest stocks on HoSE, fell over 27.7 points, or 1.5 per cent, to 1,857.64 points.

However, liquidity increased from the previous trade to VNĐ29.5 trillion (US$1.1 billion).

The securities sector faced the heaviest selling pressure. All stocks in this group closed below their reference prices, with losses typically ranging from 3 per cent to 5 per cent. VIX Securities (VIX) led the decline, hitting the floor price.

Investors also heavily sold bank stocks, with SeaBank (SSB) being the only stock holding onto gains, while most others fell by over 1 per cent.

Sacombank (STB) experienced the largest price drop, losing 5.8 per cent. HDBank (HDB), Techcombank (TCB) and VPBank (VPB) also recorded declines of more than 3.8 per cent.

The real estate sector saw widespread selling as well, with many stocks such as Dat Xanh Group (DXG), Nam Long Investment Corporation (NLG), Ho Chi Minh City Infrastructure Investment JSC (CII) and Hodeco (HDC) hitting their maximum decline limits.

However, there were some exceptions, including Quoc Cuong Gia Lai JSC (QCG), which surged to the ceiling price.

The selling force spread across other sectors, including fertilisers, oil and gas, aviation, steel and port services.

On the Hanoi Stock Exchange, the HNX-Index also decreased 6.67 points, or 2.51 per cent, to 259.18 points. 

Despite the steep market decline, a positive sign emerged as foreign selling pressure eased. Foreign investors net sold only VNĐ137 billion, significantly lower than the billion đồng figures seen in previous sessions.

Analysts predict that the short-term market trend will remain downward. However, after breaking below the 1,620-point mark, the VN-Index may reverse course in the coming sessions. 

Bizhub