Rising selling pressure weighs on market

A banker talking to a customer at Vietcombank's transaction office. The bank share was the only large-cap stocks posting positive performance yesterday, up 3.36 per cent. — Photo courtesy of Vietcombank

The market finished lower during Monday's trade, weighed by profit-taking activities across all sectors.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) lost 43.18 points, or 2.89 per cent, to 1,452.84 points. This marked the biggest daily loss since August 20.

The index extended losses in the afternoon session due to rising selling force. It fell 3.44 points in the morning trade.

The market's breadth was negative with 446 stocks decreasing, while only 49 stocks rose.

Meanwhile, liquidity on two main exchanges surged compared to the last trading session with a trading value of VND34.59 trillion (US$1.52 billion). Of which, the trading value on HoSE climbed 39 per cent to nearly VND29.2 trillion.

The index's downtrend was driven by the losses of stocks across all sectors, with many large-cap stocks hitting the maximum daily loss of 7 per cent.

The VN30-Index, tracking 30 biggest stocks on HoSE, dropped 44.96 points, or 2.95 per cent, to 1,478.61 points. Of the VN30 basket, 29 stocks declined, while only one increased.

Vinhomes (VHM) led the market's trend yesterday, down 3.77 per cent in capitalisation. It was followed by Viet Nam Rubber Group (GVR), VPBank (VPB), Vingroup (VIC) and Hoa Phat Group (HPG), which posted losses of at least 3.35 per cent. GVR even hit the biggest intraday loss of 7 per cent.

Other big stocks that witnessed a maximum daily loss were Vincom Retail (VRE), Becamex (BCM), Development Investment Construction JSC (DIG) and SSI Securities Corporation (SSI).

On the contrary, strong gains of Vietcombank (VCB) was the only bright spot of the market on Monday. The bank stock was up 3.36 per cent.

The HNX-Index on the Ha Noi Stock Exchange (HNX) also edged down 21.52 points, or 4.61 per cent, to 445.34 points.

During the session, investors poured over VND4 trillion into the northern market, equivalent to a trading volume of 137.1 million shares.

However, foreign investors was net buyers on the market, with a total net value of VND159.63 billion. Of which they net bought a value of VND201.16 billion on HoSE, while they net sold a value of VND41.53 billion on HNX. — VNS