Selling pressure continues to weigh on market

Selling pressure continues to weigh on market

Adding pressure on the market, foreign investors continued to be net sellers on HoSE, offloading VNĐ293.86 billion.

Crude oil storage at the Dung Quat refinery, operated by Petrovietnam Refining and Petrochemical Corporation. Shares of the company rose nearly 6.6 per cent on Monday, helping cushion the market's losses. — Photo bsr.com.vn

Shares closed lower on Monday as selling pressure spread across large-cap stocks, particularly banking and securities shares, while gains in oil and gas stocks helped limit the decline.

On the Hochiminh Stock Exchange (HoSE), the VN-Index fell 4.43 points to 1,780.68 points. Market liquidity reached more than 676.7 million shares worth over VNĐ15 trillion.

Market breadth tilted toward sellers, with 105 stocks advancing and 227 declining.

The HNX-Index on the Hanoi Stock Exchange (HNX) also decreased slightly by 0.9 points to 271.31 points. 

Masan Consumer Corporation (MCH) was the biggest drag on the VN-Index, reducing it by 0.81 points, followed by Hoa Phat Group (HPG) with 0.78 points, Techcombank (TCB) with 0.59 points, LPBank (LPB) with 0.58 points, Vietnam Rubber Group (GVR) with 0.57 points and Vietinbank (CTG) with 0.49 points.

Meanwhile, oil and gas stocks were among the market's strongest performers. 

Petrovietnam Refining and Petrochemical Corporation (BSR) gained 6.58 per cent, PV Drilling (PVD) rose 3.61 per cent and PetroVietnam Technical Services Corporation (PVS) advanced 5.7 per cent, while PV Gas (GAS) and Petrolimex (PLX) both increased 1.71 per cent.

BSR made the largest positive contribution to the VN-Index, adding 2.24 points, while GAS contributed another 1.57 points.

The gains in the oil and gas group, however, were insufficient to offset selling pressure in several large-cap stocks.

Phu Nhuan Jewellery (PNJ) and Novaland (NVL) were among the stocks hit hardest during the session, both falling to their respective floor prices.

Selling pressure in PNJ emerged after the company released documents for an extraordinary general shareholders' meeting. Under its revised plan, PNJ expects to record an after-tax loss of VNĐ6.2 trillion in 2026, mainly due to a planned provision of over VNĐ7 trillion related to its goods buyback policy.

On the other hand, Novaland is preparing to finalise the shareholders' right to participate in an over VNĐ8 trillion offering to existing shareholders. The final registration date is September 30.

Also weighing on the market's sentiment, foreign investors continued to be net sellers on HoSE, offloading VNĐ293.86 billion. The strongest foreign selling was recorded in VPBank, at over VNĐ200.3 billion, followed by BaoViet Holdings (BVH) at VNĐ115.42 billion and CTG at VNĐ73.31 billion. 

Bizhub