Stocks fall as oil and technology shares lead losses

Stocks fall as oil and technology shares lead losses

Việt Nam’s stock market fell on Thursday, weighed down by energy and technology stocks.

The NV Sunshine LPG carrier, operated by PVTrans subsidiary NVTrans. PVTrans shares fell to the floor price on Thursday. — Photo courtesy of NVTrans

Việt Nam’s stocks fell on Thursday as selling pressure spread across the market, led by energy and technology stocks, while foreign investors continued to reduce their holdings.

On the Hochiminh Stock Exchange, the VN-Index closed down 0.62 per cent at 1,755.61. The HNX-Index on the Hanoi Stock Exchange fell 1.25 per cent to 256.61, while the UPCoM-Index lost 1.3 per cent to 124.1.

Total market trading value reached nearly VNĐ15.7 trillion (US$600 million) in the three markets, down 4 per cent from the previous sesion.

The market fluctuated sharply in the afternoon, with the VN-Index moving between nearly 1,752 and 1,760 points before ending lower. Decliners outnumbered gainers by 430 to 245 across the market, while 18 stocks hit their daily floor prices.

Energy stocks recorded the steepest sector losses, with oil and gas shares coming under heavy selling pressure. PetroVietnam Transportation Corporation (PVT), PV Trans Pacific (PVP) and PetroVietnam Petroleum Trading Corporation (PPT) all fell to their daily limits.

Other major decliners included Bình Sơn Refining and Petrochemical Joint Stock Company (BSR), down 3.83 per cent; Petrolimex (PLX), down 3.82 per cent; and PetroVietnam Oil Corporation (OIL) lost 2.31 per cent.

Information technology stocks fell 2.28 per cent on average, dragged down by FPT Corporation, which dropped 2.41 per cent.

Essential consumer goods shares also weakened, with Masan Group (MSN) losing 2.83 per cent and Masan Consumer Corporation (MCH) falling 1.79 per cent.

Industrial stocks came under pressure, with Gemadept Corporation (GMD) down 3.52 per cent and Vietnam Container Shipping Joint Stock Corporation (VSC) losing 4.83 per cent

Foreign investors remained net sellers, with net outflows of nearly VNĐ431 billion. Techcombank (TCB) recorded the largest net foreign selling, at more than VNĐ118 billion, followed by FPT at nearly VNĐ115 billion and SSI Securities Corporation at nearly VNĐ79 billion.

On the buying side, VPBank led with net foreign purchases of more than VNĐ83 billion, followed by Hòa Phát Group (HPG) at over VNĐ63 billion, and Saigon-Hanoi Bank (SHB) at more than VNĐ43 billion.

Caution persists

Ahead of Thursday’s session, analysts at ASEAN Securities said the market’s short-term trend remained positive, with the VN-Index trading above its 10-day and 20-day moving averages. However, a lack of confirmation between price movements and momentum indicators suggested that the market could continue to fluctuate before establishing a clearer direction.

The brokerage identified resistance at 1,780–1,790 points and advised short-term investors to maintain moderate equity exposure, avoid chasing prices and focus on stocks with individual growth drivers.

According to the company, for medium- and long-term investors, market corrections towards support levels could offer opportunities to gradually accumulate fundamentally sound, liquid stocks in sectors including banking, securities, retail, public investment and oil and gas.

Meanwhile, analysts at Kien Thiet Securities (CSI) recommended a cautious approach, advising investors to wait for more attractive market valuations before disbursing additional capital.

The contrasting sector performance and continued foreign selling suggest that investors remain selective, with the market yet to establish a clear direction in the near term, they said. 

Bizhub