VN-Index loses nearly 10 points on large-cap stocks

VN-Index loses nearly 10 points on large-cap stocks

The sell-off was particularly pronounced in the oil and gas, shipping and chemical sectors, groups that had previously benefitted from rising global oil prices.

Vessels dock at the Nam Dinh Vu Port, which is operated by Gemadept. Shares of Gemadept dipped 2.15 per cent on Thursday, weighing on the market's downturn. — Photo gemadept.com.vn

The stock market fell on a choppy session, characterised by a notable reversal in afternoon trading after a strong morning rally. 

On the Hochiminh Stock Exchange (HoSE), the VN-Index closed down by 9.76 points, or 0.54 per cent, to 1,808.5 points, after briefly surpassing the 1,850 mark with an impressive gain of nearly 33 points earlier in the day.

Overall, the HoSE recorded 185 declining stocks and 153 advancing. Trading value dropped from the previous session to nearly VNĐ35.4 trillion (over US$1.3 billion).

Similarly, the HNX-Index on the Hanoi Stock Exchange (HNX) declined 0.26 points, or 0.1 per cent, to 257.59 points. 

The 30 biggest stocks tracker, VN30-Index, also decreased 13.77 points, or 0.7 per cent, to 1,942.76 points. In the VN30 basket, 22 stocks ticked down while seven edged up and one ended flat. 

Large-cap stocks like PV Gas (GAS), Petrolimex (PLX) and Vietnam Rubber Group (GVR) witnessed significant losses, closing at floor prices.

The sell-off was particularly pronounced in the oil and gas, shipping and chemical sectors, groups that had previously benefitted from rising global oil prices. 

Most oil and gas stocks suffered substantial declines ranging from 6 to 8 per cent.

Similarly, the shipping sector faced sharp corrections, with Pacific Petroleum Transportation JSC (PVP) and Vietnam Ocean Shipping JSC (VOS) logging the biggest daily loss of 7 per cent. Other stocks in this sector, such as Hai An Transport and Stevedoring JSC (HAH), Gemadept (GMD), Viconship (VSC) and PetroVietnam Transportation Corporation (PVT) also saw declines from 2 to 5 per cent.

In the fertiliser and chemical segment, while selling pressure was evident, the extent of the declines was relatively moderate. Stocks like Petrovietnam Fertiliser and Chemicals Corporation (DPM), PetroVietnam Ca Mau Fertiliser (DCM), Lam Thao Fertilisers and Chemicals (LAS), Binh Dien Fertiliser (BFC) and South Basic Chemicals (CSV) fell in a range of 2-5 per cent, with no significant spike in trading volume.

The strong sell-off in the oil and gas, shipping and fertiliser sectors was not entirely unexpected, considering these stocks had experienced robust gains recently. Today's sharp correction could simply represent a necessary pause before these sectors potentially embark on a new upward trend.

In contrast, shares in the securities, real estate, construction materials and public investment sectors witnessed a more positive trajectory compared to the broader market. 

Vin-family stocks led the uptrend, with Vingroup (VIC) up 5.91 per cent, Vinhomes (VHM) gaining 1.6 per cent and Vinpearl (VPL) rising 1.62 per cent. 

Meanwhile, foreign investors recorded large net selling of over VNĐ3.1 billion on HoSE and nearly VNĐ1.1 billion on HNX. 

Bizhub