VN-Index loses over 100 points, breaking below 1,700 points

VN-Index loses over 100 points, breaking below 1,700 points

Almost all sectors posted deep losses, with the exception of oil and gas, as well as the chemicals sector.

Investors at a trading room of a securities firm in Hà Nội. — VNA/VNS Photo

The stock market opened Monday on a negative note, with significant selling pressure, leading to hundreds of stocks sinking into the red. 

By 10.30am, the benchmark VN-Index on the Hochiminh Stock Exchange (HoSE) fell 110.06 points, plunging below the 1,670 mark, with 195 stocks hitting the floor prices.

The index faced immediate downward momentum right after the market started, plummeting nearly 90 points within the first few minutes of the Opening Auction (ATO). While the decline was somewhat moderated as continuous trading began, selling pressure continued to spread across the market.

The 30 biggest stocks tracker, VN30-Index, experienced even sharper declines, losing 125.92 points, or 6.61 per cent, to 1,778.57 points.

Within the VN30 basket, all 30 stocks performed poorly, with 22 ticker symbols logging their biggest daily losses.

Almost all sectors posted deep losses, with the exception of oil and gas, as well as the chemicals sector.

In the oil and gas sector, significant capital inflow led to robust gains in several stocks, with Binh Son Refining and Petrochemical JSC (BSR) soaring 4.72 per cent, PV OIL (OIL) climbing 2.2 per cent, PetroVietnam Chemical and Services (PVC) gaining 1.02 per cent and PetroVietnam Transportation Corporation (PVT) up 0.49 per cent.

The chemicals sector also showed positive momentum, such as HORUCO (HRC) hitting a maximum daily gain of 7 per cent and Petrovietnam Fertiliser and Chemicals Corporation (DPM) up 4 per cent.

Soaring international oil prices due to conflicts in the Middle East were seen as a boost for oil and gas stocks. 

Both Brent crude and US crude broke over US$100 per barrel in the morning trade. 

Bizhub