Chairman of HCM City People’s Committee Nguyen Thanh Phong on Monday morning struck the gong to open the stock market after the Tet holiday at the HCM Stock Exchange, witnessed by HCM City Party Committee Secretary Dinh La Thang. — Photo tinnhanhchungkhoan.vn

The benchmark VN Index on the HCM Stock Exchange slipped below 700 points on Monday morning because of selling pressure after the index touched a new nine-year high last week.

The VN Index inched down 0.24 per cent to 698.7 points. It was down 0.4 per cent on Friday after gaining 3 per cent over the previous five sessions and touching 703.2 points last Thursday.

The overall market condition was negative, with 116 stocks declining, 102 rising and 106 staying flat.

The impact of blue chips was mixed. Among the top 30 shares by market value and liquidity, BIVD (BID), Vietcombank (VCB), Bao Viet Insurance (BVH) Saigon Securities (SSI), steelmaker Hoa Phat Group (HPG) and real estate developer VinGroup (VIC) advanced.

At the other end, Vinamilk (VNM), Vietinbank (CTG), Military Bank (MBB) and PV Gas (GAS) tumbled.

On the Ha Noi Stock Exchange, the HNX Index inched up 0.02 per cent to 85.1 points.

A total of around 97 million shares worth VND1.6 trillion (US$70.8 million) were traded in the two markets.

The afternoon session starts at 1pm. — VNS