Indices fall as large-cap stocks face strong selling pressure

Indices fall as large-cap stocks face strong selling pressure

Adding pressure on the market, foreign investors continued to withdraw capital from the two main exchanges.

A banking teller talks to a customer at the LPBank transaction office. The lender's shares dropped over 4.3 per cent on Wednesday, erasing more than 1.1 points from the VN-Index. — Photo courtesy of the bank

The stock market ended lower on Wednesday as selling pressure concentrated in several large-cap stocks, particularly Vingroup-related shares.

On the Hochiminh Stock Exchange (HoSE), the VN-Index closed at 1,753.39 points, down 5.69 points or 0.32 per cent. 

The benchmark opened slightly higher at 1,760.54 points, but buying momentum failed to hold. Selling pressure on major stocks intensified during the morning session, pushing the benchmark down to an intraday low of 1,743.24 points before bargain-hunting demand helped narrow the losses.

The market breadth was neutral as 150 stocks increased while 151 decreased. Liquidity fell from the previous session to over VNĐ15.2 trillion (US$586 million). 

Similarly, the HNX-Index on the Hanoi Stock Exchange (HNX) fell more sharply, losing 5.71 points, or 2.15 per cent, to 259.82 points.

Vin-related stocks were among the biggest drags on the benchmark. Vingroup (VIC) had the largest negative impact, taking 3.26 points off the VN-Index. Vinhomes (VHM) followed with a negative contribution of 1.71 points, while Vinpearl (VPL) reduced the index by another 0.56 points.

LPBank (LPB) also saw a significant drag, taking 1.18 points from the VN-Index, while PV Gas (GAS) and Techcom Securities (TCX) each reduced the benchmark by around 0.45 points.

The losses were limited by gains in some big names. Of which, Vietnam Rubber Group (GVR) was the largest contributor to the VN-Index, adding around 0.95 points. Masan Group (MSN) followed with a contribution of 0.76 points, while Petrovietnam Refining And Petrochemical Corporation (BSR) and Mobile World Investment Corporation (MWG) added approximately 0.67 points and 0.58 points, respectively.

Banking stocks showed clear divergence during the session.

VIB was among the strongest gainers in the banking sector, rising 2.96 per cent. SeABank (SSB) increased 2.38 per cent, Maritime Bank (MSB) gained 1.74 per cent and VPBank (VPB) advanced 0.86 per cent. 

Most securities stocks also declined. Ho Chi Minh Securities (HCM) fell 2.13 per cent, Saigon-Hanoi Securities (SHS) dropped 2.33 per cent, VNDirect Securities (VND) decreased 1.81 per cent, VIX Securities (VIX) lost 1.68 per cent and Vietcap Securities (VCI) fell 1.55 per cent. 

Meanwhile, Phu Nhuan Jewellery (PNJ) remained under heavy selling pressure, falling to VNĐ18,900 per share, its lowest price since early 2020. The sharp decline prompted bargain-hunting demand, making PNJ the most actively traded stock by volume during the session.

Foreign investors continued to exert selling pressure on both main bourses, recording net sales of more than VNĐ955.8 billion. 

Bizhub