Large-cap stocks drag down market

May 03, 2018 | 14:55

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Shares ended on a negative note Thursday morning as large-cap stocks were hit by selling pressure.

Shares ended on a negative note Thursday morning as large-cap stocks were hit by selling pressure.-Photo vneconomy.vn

The benchmark VN Index on HCM Stock Exchange went down 1.41 per cent to stand at 1,014.57 points. The southern market index had fallen by 2.02 per cent on Wednesday.

On Ha Noi Stock Exchange, the HNX Index dived by 0.84 per cent to 119.96 points after losing 1.36 per cent on Wednesday.

The overall market condition was negative, with 326 declining stocks, 90 gaining stocks and 326 stocks remaining unchanged on the two bourses.

A total of 141 million shares, worth VND3.7 trillion (US$163 million), were traded on the two exchanges.

Stocks in the large-cap VN30 basket also underperformed, pulling the VN30 Index down by 1.26 per cent to 1,000.08 points, with 22 of the 30 largest stocks by market capitalisation suffering losses.

Securities and energy stocks were under the heaviest selling pressure.

The securities sector was driven down by Sai Gon Securities Incorporation, Viet Capital Securities Joint Stock Company, HCM City Securities Corporation and VNDirect Securities Corporation.

Among the energy stocks that suffered were PetroVietnam Gas Joint Stock Corporation (GAS), PetroVietnam Technical Services Corporation and PetroVietnam Drilling and Well Services Corporation (PVD). GAS and PVD hit the floor, falling by seven per cent.

However, the growth of some large-cap stocks cushioned the market fall. The largest supporters included brewer Sabeco, FLC Faros Construction Joint Stock Company and Military Bank.

The afternoon trading session starts at 1pm.

VNA

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