Shares correct as large-caps falter

 HÀ NỘI — Việt Nam's stock market ended on a negative note on Tuesday as large-caps stocks simultaneously dropped putting negative pressure on the market.

On the Hồ Chí Minh Stock Exchange (HoSE), the benchmark VN-Index lost 0. 九 二 per cent to close at  一, 一 八 三. 四 五 points.

The southern market index had increased 0.0 三 per cent to close Monday at  一, 一 九 四. 四 三 points.

The market's breadth turned negative as  三 五 九 stocks declined while  一 一0 stocks increased and  四 一 stocks ended flat.

Nearly  六 八 四 million shares were traded on the southern market, worth over VNĐ 一 五. 四 trillion (US$ 六 六 五. 五 million).

Multiple large-cap stocks lost ground such as Bảo Việt Holdings (BVH), Hoà Phát Group (HPG), Masan Group (MSN), Vingroup (VIC), Vinamilk (VNM), Vincom Retail (VRE), PVPower (POW), Vinhomes (VHM) and Mobile World Group (MWG).

Many big bank stocks also suffered from selling pressure, including Sacombank (STB), VPBank (VPB), Techcombank (TCB), Military Bank (MBB) and Bank for Investment and Development of Viet Nam (BID).

“VN-Index lost the  一, 一 九0-point landmark right from the opening and remained in the red throughout the session,” said BIDV Securities Co.

“Foreigners were net sellers on the HoSE and net buyers on the HNX. Besides, market breadth remained negative with increased liquidity compared to the previous session. According to our assessment, VN-Index may continue correcting in the coming sessions,” it said.

Foreign investors net sold VNĐ 二 八 八. 二 四 billion on HOSE, including Vinamilk (VNM) (VNĐ 一 八 七. 五 billion), Vietinbank (CTG) (VNĐ 七 六. 六 billion) and Vietcombank (VCB) (VNĐ 三 一. 八 billion). They were net buyers on the HNX with a value of VNĐ 八. 四 七 billion.

The VN 三0 Index, which tracks the performance of the  三0 largest stocks by market capitalisation and liquidity on HoSE, lost 0. 九 六 per cent to close at  一, 一 八 六. 九 八 points.

Twenty-six of  三0 biggest stocks in market value decreased while three rose.

On the Hà Nội Stock Exchange (HNX), the HNX-Index lost 0. 九 一 per cent to touch  二 七 二. 三 四 points.

It had lost  一.0 三 per cent to end Monday at  二 七 四. 八 四 points.

On the northern bourse, nearly  一 八0 million shares were traded, worth over VNĐ 二. 七 trillion.

“The current trend of the VN-Index this week is still very difficult to successfully conquer the historical peak of around  一, 二00 points,” said Bảo Việt Securities Co.

“Rumors about Q 一 business results of companies may appear and trigger a wide divergence among stocks in the current period,” it said. — VNS