Market extends losses on strong selling force

Market extends losses on strong selling force

Market breadth remained firmly negative, with 229 stocks declining against 85 gainers.

A booth of Gelex Electric at an exhibition. Shares of the company logged the biggest daily fall of 7 per cent on Monday, weighing on the market's sentiment. — Photo gelex-electric.com

The market extended its correction on Monday as selling pressure intensified towards the end of the session, preventing the VN-Index from reclaiming the 1,800-point level despite an intraday recovery.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index closed at 1,788.23 points, down 6.98 points.

Market breadth remained firmly negative, with 229 stocks declining against 85 gainers. Liquidity, however, increased from the previous session to more than VNĐ19.5 trillion (US$753.5 million).

The VN30-Index, which tracks the 30 largest stocks on HoSE, also fell by 8.1 points to 1,928.57. Within the VN30 basket, market breadth was neutral, with 13 stocks declining and 13 advancing, while four ended flat.

Vingroup (VIC) posted the greatest downward pressure on the VN-Index, taking approximately 3.05 points off the benchmark. Hoa Phat Group (HPG), Dien May Xanh (DMX), Gelex Electric (GEE) and Vinhomes (VHM) were also among the stocks weighing on the index.

On the other side, PV Gas (GAS) provided the strongest support, adding around 1.46 points. PetroVietnam Refining and Petrochemical (BSR) and SeABank (SSB) also contributed positively.

Trading was particularly notable among companies associated with the Gelex ecosystem, where several stocks fell to their daily floor prices.

GEE, Gelex Group (GEX) and Gelex Infrastructure (GEL) all ended at their lower trading limits, while Viglacera Corporation (VGC) dipped nearly 6.6 per cent. 

The movements came after Dong Anh Electrical Equipment Corporation (EEMC), another company within the ecosystem, disclosed information concerning board member Đặng Phan Tường.

EEMC said it had received a notification from the Ministry of Public Security's Investigation Police Agency regarding the initiation of criminal proceedings against Tường as part of an investigation into a criminal case involving the National Power Transmission Corporation (EVNNPT), PC1 Group and related companies.

Meanwhile, the SeABank stock unexpectedly surged to its daily ceiling, climbing 6.83 per cent to VNĐ19,550 per share. More than 5.5 million shares were matched, over twice the stock's average trading volume during the previous month.

The HNX-Index on the Hanoi Stock Exchange (HNX) declined 0.74 points to 271.94 points. Over 41 million shares were traded on the northern bourse, worth nearly VNĐ665.1 billion. 

Foreign investors also provided a contrasting feature in an otherwise weak market session, recording net purchases of more than VNĐ825 billion on the HoSE. 

Bizhub