Stocks stumbled on Monday with the VN-Index falling below the 1,100 point mark as investors’ optimism petered out amid strong selling forces.
The market benchmark VN-Index on the Ho Chi Minh Exchange (HoSE) lost 4.03 per cent, to close at 1,086.44 points.
|A Mobile World store in Ha Noi. MWG lost 7 per cent yesterday. - VNS Photo Mai Huong |
The southern market index had dropped 5.9 per cent last week.
The market’s breadth was in the negative zone as there were 449 decliners and only 49 gainers. More than 554 million shares were traded on the southern bourse, worth over VND11.5 trillion (US$481.2 million).
The VN30-Index, which tracks the 30 biggest stocks on HoSE, also posted a loss of 4.34 per cent, to end at 1,102.00 points.
Of the VN30 basket, one stock advanced, while 29 settled down.
The banking stock group saw a series of decliners, with the largest market-cap Vietcombank (VCB) losing 3.6 per cent. Other banks like Vietinbank (CTG), Bank for Investment and Development of Viet Nam (BID), Sacombank (STB) and Techcombank (TCB) all hit the daily limit decline of 7 per cent.
Other notable stocks depressing indices include Masan Group (MSN), Vietnam Dairy Products (VNM), and Mobile World Investment (MWG) and PetroVietnam Gas (GAS).
The market was weighed on predominantly by insurance firms. In the sector, Bao Viet Holdings (BVH) lost 7 per cent, PVI Holdings (PVI) 8.9 per cent and Military Insurance (MIG) 7 per cent.
Securities was the next sector contributing to the market slump. Notably, VNDirect (VND) contracted 6.9 per cent in market-cap and SSI Securities (SSI) followed suit with a fall of 6.8 per cent.
In the realty sector, the trio stocks of the Vin family - Vingroup (VIC), Vincom (VRE) and Vinhomes (VHM) - saw mixed performances. The first gained 0.9 per cent, the second lost 6.8 per cent whereas the last fell 0.6 per cent.
On a sector basis, all 25 sector indices on the stock market lost ground, including insurance, oil and gas, banking, wholesale, construction, rubber production, IT and logistics, agriculture, real estate, food and beverage, retail, healthcare, seafood production, construction materials, securities, and plastic and chemical production.
The HNX-Index on the Ha Noi Stock Exchange (HNX) lost 4.83 per cent to end at 238.17 points.
The index had plummeted 5.4 per cent last week.
More than 60 million shares were traded on the northern exchange, worth VND1 trillion.
| ||VN-Index hits 2-1/2-month low on risk-off sentiment |
The stock market opened the new week on a negative note, with both benchmark indices dropping more than 2 per cent due to weak risk appetite.
| ||Market likely to continue to correct this week |
Investors went through a turbulent week as the VN-Index reported the biggest weekly fall since May. Analysts said that in the current environment, financial markets are very likely to continue revaluing.