Shares drop on strong selling force

 HÀ NỘI - Việt Nam's stock market finished lower on Tuesday on strong selling force from both local and foreign investors.

The market benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) lost 0. 七 九 per cent, to  一, 三 三 九. 八 四 points. The market's breadth was negative with  一 二 六 stocks increasing, while  二 七 五 stocks declined.

The VN-Index had lost 0. 一 六 per cent, to close Monday at  一, 三 五0. 四 八 points. 

Investors poured over VNĐ 二 三. 四 trillion (US$ 一 billion) into the southern bourse, equivalent to a trading volume of nearly  八 六0 million shares.

The VN 三0-Index, tracking the  三0 biggest stocks in market capitalisation on HoSE, posted a loss of 0. 八 五 per cent, to  一, 四 四 六. 二 二 points.

Of the VN 三0 basket, four stocks climbed, while  二 五 slid.

“With the market recovering when hitting the support level of  一, 三 三0 points, VN-Index is likely to still move around  一, 三 五0 points in the next trading sessions,” said BIDV Securities Co.

Foreign investors net sold VNĐ 四 四 三.0 billion on HOSE. They were net sellers on HNX with a value of VNĐ 一 六. 五 七 billion.

Banking stocks underwent strong selling pressure until the end of the afternoon trading session. The worst performers in the group included Bank for Investment and Development (BID), Vietinbank (CTG) and Vietcombank (VCB), Military Bank (MBB), Techcombank (TCB), Sacombank (STB) and HDBank (HDB).

Some individual stocks in the large-cap group also suffered losses, such as FPT Group (FPT), Hoà Phát Group (HPG), Khang Điền House (KDH), Phát Đạt Real Estate (PDR), Phú Nhuận Jewelry (PNJ), Sabeco (SAB), Vingroup (VIC), Vietjet (VJC) and Vincom Retail (VRE).

The oil and gas group performed well at the end of the session and helped narrow indices’ losses, with gainers including Petrovietnam General Services JSC Corporation (PET), PetroVietnam Drilling Well Services Corporation (PVD), PV OIL (OIL), Bình Sơn Refinery (BSR) and PetroVietnam Technical Services Corporation (PVS).

On a sector basis,  一 七 out of  二 五 sector indices on the stock market lost ground, including wholesale, real estate, securities, information and technology, healthcare, rubber production, construction materials and logistics.

On the other side, gainers were retail, insurance, oil and gas, seafood production, food and beverage,

On Hà Nội Stock Exchange (HNX), the HNX-Index gained slightly 0.0 三 per cent, to  三 五 八. 九 八 points.

The index had gained 0. 二 五 per cent, to close Monday at  三 五 八. 八 七 points.

Nearly  一 八 六 million shares were traded on the northern exchange, worth VNĐ 三. 六 trillion. — VNS