VN-Index loses over 34 points on risk-off sentiment

VN-Index loses over 34 points on risk-off sentiment

However, oil and gas stocks received strong support from robust gains in the international oil prices after the US and Israel attacked Iran over the weekend.

Constructing the offshore wind turbine foundation at the Petrovietnam Energy and Technical Logistics Industrial Centre in Vũng Tàu, HCM City. — Photo ptsc.com.vn

Shares fell sharply on Monday as heavy selling swept across banking, securities and technology stocks, dragging the market lower despite a brief afternoon rebound.

The VN-Index on the Hồ Chí Minh Stock Exchange closed down 34.23 points, or 1.82 per cent, at 1,846.10 points.

On the Hà Nội Stock Exchange, the HNX-Index dropped 3.82 points, or 1.45 per cent, to 259 points.

Market liquidity remained high, with trading value on HoSE reaching nearly VNĐ47.3 trillion (US$1.8 billion), up 57.31 per cent from the previous session. Total trading value on the two main exchanges exceeded VNĐ50.5 trillion.

Market breadth strongly favoured sellers, with 504 stocks declining, including 32 that hit floor prices, compared with 242 gainers.

The financial sector faced intense selling pressure, with notable losses among major banks and securities firms. VIX Securities (VIX) fell 4.89 per cent, Vietcombank (VCB) lost 3.08 per cent, VietinBank (CTG) declined 3.66 per cent and BIDV (BID) dropped 5.64 per cent.

Sacombank (STB) was a rare bright spot, rising 2.29 per cent.

The information technology sector also weakened, led by FPT Corporation (FPT), which slid 3.55 per cent and weighed heavily on the benchmark index.

Property stocks were mixed but mostly lower. Vinhomes (VHM) tumbled 6.94 per cent, Vingroup (VIC) fell 2.79 per cent and Development Investment Construction JSC (DIG) and Dat Xanh Group (DXG) also posted significant declines.

In contrast, oil and gas shares bucked the trend. PetroVietnam Technical Services Corporation (PVS) surged 9.92 per cent, PV Drilling (PVD) rose 5.99 per cent and Petrolimex (PLX) gained 6.92 per cent. PV Power (POW) advanced 6.9 per cent on strong liquidity.

Oil and gas stocks were supported by a sharp rise in international oil prices after the US and Israel launched strikes on Iran over the weekend.

Foreign investors were net buyers on both main bourses, with net purchases of VNĐ766.5 billion on HoSE and VNĐ22.14 billion on HNX.

Several securities firms said the market may need additional time to consolidate within the 1,850–1,900 point range to absorb short-term supply. Immediate support is seen around 1,830–1,850 points, with holding this level considered important for maintaining the medium-term upward trend.

However, continued foreign selling pressure and market breadth skewed heavily towards declines indicate that volatility risks may persist in the coming sessions. 

Bizhub