Shares on the country’s two stock exchanges succumbed to strong correction Thursday morning after a five-session rally came under heavy profit-taking pressure.

The benchmark VN Index on the HCM Stock Exchange dropped 0.11 per cent to close the morning session at 1,033.37 points.

The HNX Index on the Ha Noi Stock Exchange was down by 0.97 per cent at 119.25 points.

Nearly 130.6 million shares, worth VND3.1 trillion (US$135 million), were traded in the two markets during the morning trading session.

The VN30 Index, which tracks the southern bourse’s largest stocks by capitalisation and liquidity, gained 0.04 per cent to end at 1,023.17 points.

The banking and mining sectors were the biggest losers among 20 industries on the stock market.

The two sectors posted decline rates of 0.88 per cent and 1.54 per cent, respectively, according to data on vietstock.vn.

Many large-caps in the banking group slumped, dragging the market down. These included VPBank (VPB), Sai Gon Thuong Tin Commercial Joint Stock Bank (STB), and Sai Gon-Ha Noi Commercial Joint Stock Bank (SHB).

The oil industry was also hit strongly, with decliners including PetroVietnam Gas JSC (GAS), PetroVietnam Drilling & Well Services Corporation (PVD), PetroVietnam Technical Services Corporation (PVS), and PetroVietnam Coating JSC (PVB).

The afternoon session starts at 1pm. — VNS