Large-cap stocks underperformed, as 27 of the 30 largest stocks by market capitalisation in the VN30 Index decreased. — Photo vnmedia.vn

The benchmark VN Index slumped on Friday morning after nine consecutive rising sessions as stocks were hit by strong selling and investors’ concerns about the global stock market.

The VN Index on HCM Stock Exchange lost 2.41 per cent to close 1.144,11 points.

The HNX Index on Ha Noi Stock Exchange dropped 2.46 per cent to end at 130,75 points.

More than 208.6 million shares, worth VND5.5 trillion (US$242 million), were traded on the two local bourses.

Market breadth was negative with 85 gaining shares, 362 declining ones and 285 stocks ending flat.

The UPCoM Index on the Unlisted Public Company Market decreased 1.31 per cent to stand at 59.60 points. The index had fallen 0.41 per cent in the previous session.

Banking stocks drove the market down, with Bank for Investment and Development of Viet Nam losing 5.19 per cent.

Notably, other bank stocks such as Vietcombank, Vietinbank, Military Bank and VPBank slumped across the board, losing between 2.61 and 4.05 per cent.

Large-cap stocks underperformed, as 27 of the 30 largest stocks by market capitalisation in the VN30 Index decreased, pulling the large-cap index down 2.25 per cent to 1.118,79 points.

Stocks in the VN30 basket also experienced strong selling pressure, with many prominent stocks losing, including dairy firm Vinamilk, Masan Group Corporation, PetroVietnam Gas Joint Stock Corporation and Pharmaceutical Joint Stock Company.

The afternoon trading session starts at 1pm. — VNS