The Vietnamese stock market was hit strongly in Monday morning's trade as financial stocks, especially insurers, suffered from profit-taking pressure. — Photo tinnhanhchungkhoan.vn

Vietnamese shares tumbled on Monday morning, dragged by financial stocks.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange dipped 1.34 per cent to close at 961.09 points.

The VN-Index fell total 0.56 per cent last week.

More than 86.7 million shares were traded on the southern bourse, worth VND1.7 trillion (US$73.4 million).

Market trading condition was negative with 234 declining stocks versus 55 gainers.

Financial and banking firms were the major factor that pulled the market down.

Insurance companies were the worst-performing stocks as Bao Viet Holdings (BVH) lost 5.3 per cent, sending the sector index down 4.5 per cent, data on vietstock.vn showed.

Securities firms and banks contributed to dragging the two sector indices down 2.3 per cent and 0.9 per cent, respectively.

Other industries that also saw shares declined strongly included petroleum, food and beverage, retail, plastics and chemicals.

Large-cap stocks in the VN30 basket also underperformed, pulling the large-cap index down 1.50 per cent to 882.00 points.

Twenty-seven of the 30 largest stocks by market capitalisaton in the VN30 basket declined while only one advanced.

On the Ha Noi Stock Exchange, the HNX-Index fell 1.09 per cent to end at 105.71 points.

The HNX-Index dropped 0.55 per cent last week.

Nearly 30 million shares were traded on the northern market, worth VND320 billion.

The afternoon trading session starts at 1pm. — VNS