The market fell sharply on Monday morning as a selling force weighed on stocks across all sectors.

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) inched down by 20.56 points, or 1.4 per cent, to 1,445.98 points.

The market breadth was negative with 382 stocks declining, while only 72 stocks increased. Liquidity remained high as investors poured nearly VND15.3 trillion (US$667.5 million) into the southern bourse, equivalent to a trading volume of more than 490.5 million shares.

On the Ha Noi Stock Exchange (HNX), the HNX-Index also plummeted by 6.44 points, or 1.46 per cent, to 435.76 points.

The benchmark indices' downtrend was due to strong selling pressure on large-cap stocks, with many oil and gas stocks opening the session on a negative note.

The VN30-Index, tracking the 30 biggest stocks on HoSE, dropped by 15.61 points, or 1.06 per cent, to 1,461.53 points. Of the VN30 basket, 26 stocks slid, while only three rose and one ended flat.

PV Gas (GAS) led the downtrend, losing nearly 4.1 per cent.

Other large-cap stocks in other group contributing to the losses were Masan Group (MSN), Vinhomes (VHM), Vietnam Rubber Group (GVR), Becamex (BCM) and Hoa Phat Group (HPG).

Stocks in oil and gas group also posted sharp falls in the morning trade, such as Binh Son Refining and Petrochemical Company Limited (BSR) down 5.78 per cent, PetroVietNam Chemical And Services JSC (PVC) down nearly 10 per cent and PV Drilling (PVD) down 3.23 per cent. VNS