Market corrects as selling force weighs on large-cap stocks

Monday, Mar 25, 2024 20:12

Screen shot of VNDirect's website. The securities firm's system crashed and was down since Sunday. Its shares tumbled 1.44 per cent on Monday.

Shares corrected on Monday as rising selling pressure weighed on market sentiment, while foreign investors withdrew capital from the southern market.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index fell 13.94 points, or 1.09 per cent, to 1,267.86 points. This broke its three-day gaining streak.

The index was traded positively in the morning session, but reversed course to decline deeply in the afternoon due to soaring selling force in large-cap stocks.

Breadth of the market was in a negative territory as the number of decliners surpassed that of gainer by 233 to 78. Liquidity, however, remained elevated but was still lower than the previous session.

Particularly, the trading value on HoSE reached nearly VNĐ29.3 trillion (US$1.18 billion) on Monday, down from over VNĐ34.7 trillion on Friday. This was equal to a trading volume of more than 1.2 billion shares.

However, today's liquidity and stock movements may not reflect the market's demand and supply as the system of VNDirect Securities Corporation was crashed, halting transactions. It reported a system breach on Sunday and its system remains inaccessible as of 8am Monday.

This securities company ranks third in HoSE brokerage market share, with the total value of managed assets by the end of 2023 being over VNĐ83 trillion.

The 30 biggest stocks tracker VN30-Index also dipped 14.14 points, or 1.1 per cent, to 1,270 points. In the VN30 basket, just four ticker symbols inched higher while 26 ticked down.

The banking and manufacturing industries led the market's downtrend. Specifically, BIDV was the biggest loser, down 2.21 per cent in market capitalisation.

It was followed by Vietinbank (CTG), Vietnam Rubber Group (GVR), Masan Group (MSN) and Vietcombank (VCB). All stocks dropped in a range of 0.73-3.82 per cent.

Shares of VNDirect (VND) also posted poor performance, down 1.44 per cent.

The HNX-Index on the Hà Nội Stock Exchange (HNX) fell 0.87 points, or 0.36 per cent, to 240.81 points.

During the session, 131.1 million shares were traded on the northern bourse, worth over 2.9 trillion.

Foreign capital saw a big net outflow of over VNĐ500 billion on the two main bourses. Of which, they net sold more than VNĐ542.4 billion on HoSE but net bought VNĐ33.85 billion on HNX. — VNS

Comments (0)