Shares correct as selling pressure hits large-caps

HÀ NỘI — Shares suffered a strong correction on Monday on the two stock exchanges as selling pressure hit many large-caps.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) lost  一. 六 per cent to  九 五0. 七 九 points.

The southern market index ended last week at  九 六 六. 二 九 points. It was the benchmark’s highest level since January  二 二 when it reached  九 九 一. 四 六 points.

Nearly  五 一 九 million shares were traded on the southern exchange on Monday, worth VNĐ 一0. 二 trillion (US$ 四 四 一. 六 million).

BIDV Securities Co said the VN-Index was still in an upward movement at the beginning of the morning session but the selling pressure increased gradually and peaked at the end of the afternoon so the index moved down to close to  九 五0 points.

Declining stocks dominated the southern bourse, outnumbering gainers by  三0 五 to  一 四 六, which proved that investor confidence was low in the session.

The VN 三0 Index, which tracks the performance of the  三0 largest stocks by market capitalisation and liquidity on HoSE, lost  一. 六 四 per cent to end Monday at  九 一 五. 九 七 points.

Large-cap stocks performed poorly due to the strong selling pressure, such as Masan Group (MSN), decreasing by  六. 九 per cent, Vingroup (VIC), down  五 per cent, HDBank (HDB), dropping by  二. 五 per cent, Phú Nhuận Jewelry (PNJ), slumping by  二. 三 per cent, Vinhomes (VHM), decreasing by  二. 二 per cent, Sabeco (SAB), losing by  一. 七 per cent.

Across the stock market,  二 二 out of  二 五 sectors indices lost ground, including energy, banking, seafood processing, construction materials, plastics and chemical production, wholesale, insurance, securities, retail, healthcare, information and technology, food and beverage, real estate and construction.

Their indices declined between 0. 五 per cent and  四. 二 per cent, according to data of vietstock.vn.

According to BIDV Securities Co, the  九 四0- 九 五0 point range is a good support area, so the selling pressure may decrease in the next sessions.

On the Hà Nội Stock Exchange, the HNX-Index declined 0. 九 五 per cent to  一 四 三. 三 六 points.

Nearly  六 一 million shares were traded on the northern exchange, worth VNĐ 八 九 五 billion.

Foreigners net sold VNĐ 四0 二. 九 三 billion on HOSE. They were net sellers on the HNX with a value of VNĐ 三. 六 五 billion. — VNS