VN-Index extends losses on rising selling force

VN-Index extends losses on rising selling force

Liquidity remained relatively high, with more than 690 million shares traded on the two main exchanges for a total trading value of VNĐ17.3 trillion (US$663.6 million).

An EV charging station of VinFast, a subsidiary of Vingroup. Shares of the conglomerate dipped 2.54 per cent on Thursday, erasing 9.6 points in the VN-Index. — VNA/VNS Photo

Shares extended their decline on Thursday as broad selling pressure swept across most sectors, with large-cap stocks, particularly those in the Vingroup ecosystem, weighing heavily on the market.

On the Hochiminh Stock Exchange (HoSE), the VN-Index closed down 26.56 points at 1,775.09 points. The HNX-Index on the Hanoi Stock Exchange (HNX) also lost 3.68 points, or 1.33 per cent, to finish at 272.77 points.

Liquidity remained relatively high, with more than 690 million shares traded on the two main exchanges for a total trading value of VNĐ17.3 trillion (US$663.6 million).

Market breadth tilted heavily towards sellers. A total of 314 stocks declined compared with 129 gainers.

Large-caps in the Vingroup-linked stocks continued to put the greatest downward pressure on the benchmark.

Vingroup (VIC) was the biggest negative contributor, taking 9.6 points off the VN-Index. Vinhomes (VHM) followed with a negative contribution of 4.7 points.

Other heavyweight stocks also weighed on the market. PV (GAS) subtracted 1.4 points, and PetroVietnam Refining and Petrochemical Corporation (BSR) took away 1.35 points, while Vietinbank (CTG) and BIDV (BID) each cost the index 0.72 points.  

Vietcombank (VCB) and LPBank (LPB) reduced the benchmark by another 0.69 and 0.56 points, respectively.

On the positive side, support was limited. Vietnam Rubber Group (GVR) soared 2 per cent, adding 0.56 points to the VN-Index. It was followed by Masan Group (MSN) and Viettel Post JSC (VTP), contributing 0.3 points and 0.14 points, respectively. 

Overall, the leading positive contributors added around 1.36 points, while the major negative contributors took nearly 20 points off the benchmark.

Amid the broad market decline, VTP shares stood out by surging to their ceiling price. 

The gain came after Viettel Post proposed developing the Lao Bảo Smart Logistics Centre in Quảng Trị Province.

Under the proposal, the project would serve as a hub for coordinating and receiving cargo flows behind the Lao Bảo International Border Gate. It is planned to connect the border gate with the VSICO Quảng Trị inland container depot (ICD VSICO) and the cross-border transportation network. 

The centre is expected to address limitations in parking areas, waiting facilities, vehicle coordination and manual processing, thereby reducing waiting times, increasing customs clearance capacity and easing congestion.

Foreign trading added further pressure to the stock market as overseas investors maintained strong net selling. Particularly, they net sold VNĐ916 billion on HoSE, with VHM recording the largest foreign net selling value. 

Bizhub