Shares nosedive on late massive selling

Headquarters of Investment And Industrial Development Corporation (Becamex or BCM). BCM lost 7 per cent Monday. Photo Becamex

On the Ho Chi Minh Stock Exchange (HoSE), the market benchmark dropped 1.62 per cent, to 1,503.71 points.

The market's breadth was negative with only 141 gainers, and 308 losers.

During the session, over 1.38 billion shares were traded on the southern bourse, worth nearly VND41.8 trillion (US$1.84 billion).

The benchmark's downtrend was due to losses of many large-cap stocks, especially in real estate and banking sectors.

The VN30-Index, which tracks 30 biggest stocks on HoSE, fell 1.14 per cent, to 1,514.70 points.

Of the VN30 basket, 24 stocks slid, while only four inched higher and two ended flat.

Banking stocks fell and put great pressure on the overall market, with losers including Bank for Investment and Development of Vietnam (BID), Vietcombank (VCB), Sai Gon Thuong Tin Commercial Joint Stock Bank (STB), Sai Gon-Ha Noi Bank (SHB), Asia Commercial Bank (ACB), Military Bank (MBB), VPBank (VPB), Techcombank (TCB), Tien Phong Bank (TPB) and Lien Viet Post Bank (LPB).

Real estate stocks also lost ground, including Investment And Industrial Development Corporation (BCM) and LDG Investment (LDG) both falling to the floor prices. Besides, Nam Long Group (NLG) decreased by 6.8 per cent, FLC Group Joint Stock Company (FLC) decreased by 6.2 per cent. Dat Xanh Group (DXG) fell 5.6 per cent and Ha Do Group (HDG) lost 5.2 per cent.

“VNIndex today witnessed a struggling session with the VN-Index touching the area of 1,535 points,” said BIDV Securities Co.

“Regarding the transactions of foreign investors, today they net sold on the HoSE and net bought on the HNX.

“In the coming sessions, the market is likely to struggle with a strong divergence among stocks, but it can be expected that 1,550 points will be the next destination for the VN-Index,” it said.

Foreign investors net sold VND477.07 billion on HOSE, including Vincom Retail (VRE) with VND266.61 billion, Vingroup (VIC) with VND160.42 billion, and Vinamilk (VNM) with VND125.61 billion.

Foreign investors were net buyers on HNX with the value of VND66.70 billion.

On the Ha Noi Stock Exchange (HNX), meanwhile, the HNX-Index lost 2.22 per cent to end at 482.89 points.

During the trading session, investors poured nearly VND5.2 trillion into the bourse, equivalent to a trading volume of more than 185.6 million shares.