Shares plummeted on Wednesday due to losses in many large-cap stocks, especially in banking sectors.

The market benchmark VN-Index closed the session at 1,485.52 points, down 13.26 points or 0.88 per cent. It gained 8.65 points in the previous trade.

The market’s breadth was negative with nearly 320 stocks declining, while liquidity surged.

On the southern bourse, more than 941.5 million shares were traded, worth over VND30.3 trillion (US$1.1 billion).

Strong selling force in many large-cap stocks, especially bank stocks, triggered the downtrend. The 30 biggest stocks tracker VN30-Index dropped 21.51 points, or 1.42 per cent, to 1,498.61 points.

Of the VN30 basket, only seven stocks increased, while 20 stocks slid and three stocks ended flat.

Data compiled by vietstock showed that in the top ten stocks dominating the market’s trend, there was only one stock in the realty sector, which was Vinhomes (VHM), while the rest were bank stocks.

Of which, BIDV (BID) posted the worst performance yesterday, down 3.74 per cent. It was followed by Vietinbank (CTG), MBBank (MBB), VPBank (VPB), Techcombank (TCB), Sacombank (STB), Asia Commercial Joint Stock Bank (ACB), HDBank (HDB) and Eximbank (EIB). These stocks lost at least 2.19 per cent.

However, the loss was limited by gains in some pillar stocks, including PV Gas (GAS), Vietjet Aviation JSC (VJC), Novaland (NVL) and Becamex (BCM), up in a range of 1.27 - 2.08 per cent.

On the Ha Noi Stock Exchange (HNX), the HNX-Index also finished lower yesterday, down 1.31 points or 0.3 per cent to 442.25 points.

During the session, investors poured nearly VND3.5 trillion into HNX, equivalent to a trading volume of over 109.7 million shares.

Foreign investors also fled the market after withdrawing a value of VND1.16 trillion from both main exchanges.

Of which, they net sold a value of nearly VND1.17 trillion on HoSE, while net bought only VND4.9 billion worth of shares on the northern bourse. — VNS