Market extends downtrend, VN-Index loses nearly 40 points

Monday, Sep 25, 2023 17:25

A customer performing a transaction at Vietinbank's office in Hà Nội. The lender's shares tumbled 5.85 per cent on Monday, weighing on the market sentiment. — VNA/VNS Photo

Shares fell deeply on Monday as the strong selling force weighed on all industries, with many large-cap stocks hitting floor prices.

The market's benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) extended last week's bearish trend to the third straight day. It plunged 39.85 points, or 3.34 per cent, to 1,153.2 points.

Last week, the index lost 2.8 per cent.

The breadth of the market was negative, with decliners surpassing gainers on the southern bourse. Particularly, up to 311 ticker symbols tumbled, of which 110 stocks logged the biggest daily loss of 7 per cent, while only 34 inched up.

Liquidity also fell sharply from the previous session, down 27.1 per cent to nearly VNĐ23.5 trillion. This was equal to a trading volume of nearly 1.1 billion shares.

The VN30-Index, tracking the 30 biggest stocks on HoSE, also lost 37.75 points, or 3.15 per cent, to 1,159.94 points. In the VN30 basket, 26 stocks went down with four hitting the maximum intraday loss of 7 per cent. In contrast, only three stocks edged higher today and one ended flat.

After three consecutive sessions of sharp declines, it seemed that investor sentiment became even more pessimistic and massive sell-off took place just a short time before the market closed. In particular, after the VN-Index fell below the threshold of 1,180 points, many investors rushed to sell out.

The persistent strong selling force spread wider, pressuring stocks in all sectors including pillars.

Leading the downtrend was the property developer Vingroup (VIC), down 7 per cent. It was followed by shares of Vietinbank (CTG), Hòa Phát Group (HPG), Masan Group (MSN), and Vietnam Rubber Group (GVR). All the stocks declined by 4.76-7 per cent.

Many other stocks in securities, real estate, manufacturing industries also hit the floor prices on Monday, such as VNDirect Securities Company (VND), SSI Securities Corporation (SSI), Saigon - Hanoi Securities JSC (SHS), VIX Securities JSC (VIX), Đất Xanh Group (DXG), Novaland (NVL), DIC Group (DIG), Hoa Sen Group (HSG), and Đức Giang Chemicals Group (DGC).

On the Hà Nội Stock Exchange (HNX), the HNX-Index also decreased 11.65 points, or 4.79 per cent, to 231.5 points.

During the session, over VNĐ2.71 trillion worth of shares was traded on the northern exchange, equivalent to a trading volume of more than 152.3 million shares.

On the other hand, foreign investors were net buyers on both main exchanges. In particular, they net bought VNĐ700.25 billion on HoSE and VNĐ16.76 billion on HNX. — VNS

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