VN-Index falls under 1,100 points as many big stocks hit the maximum daily loss

Oil rigs in White Tiger oil field. GAS shares price fell 5.16 per cent on Wednesday. - Photo pvgas.com.vn

On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index lost 38.95 points, equivalent to 3.43 per cent, to end Wednesday at 1,097.17 points. The trading day ended with 413 stocks declining, of which 64 stocks hit the maximum intra-day loss of 7 per cent. Another 51 stocks climbed, while 34 ended flat.

According to a daily report from MB Securities SJC, the domestic stock market fell for second consecutive session on selling pressure to book profits. Without a leading stock group, the market fell from the morning session and just lightly recovered when stocks went down to supportive zones that attracted cash inflows for bottom purchasing.

"The market's liquidity continues to improve compared to last week with total value of matching orders being over VND15.03 trillion," said the securities firm.

On the southern market, more than 785.7 million shares were traded on Wednesday with a trading value of VND16.8 trillion.

The market plunged as it is in a territory that weighs on the indices, leading to an increase of selling pressure, MB Securities added.

The large-cap tracker VN30-Index sharply decreased by 3.69 per cent to 1,083.63 points. Only three stocks of the 30 largest stocks climbed today, while twenty-seven stocks declined.

Three stocks in the 30 large-cap basket reporting gains were property developers and a retailer. Accordingly, Nova Land Investment Group Corporation (NVL) rose 0.25 per cent, FLC Faros Construction Joint Stock Company (ROS) increased by 5.94 per cent and Mobile World Investment Corporation (MWG) rose 1.14 per cent.

Other big stocks from all sectors like banking, securities, production, utilities, logistics and IT, fell sharply. Banking and securities stocks faced selling pressure since the beginning of the week.

Top five stocks strongly influencing the market were Vinhomes JSC (VHM) down 4.18 per cent, Vietnam Rubber Group - Joint Stock Company (GVR) down 6.95 per cent, PetroVietnam Gas Joint Stock Corporation (GAS) down 5.16 per cent, Vietcombank (VCB) down 3.47 per cent and Viet Nam Dairy Products JSC (VNM) down 3.19 per cent.

On the Ha Noi Stock Exchange (HXN), the northern benchmark HNX-Index also plunged 3.09 per cent to 220.79 points. The HNX30-Index fell more than 5 per cent to end the trading day at 330.73 points.

During the session, nearly VND2.1 trillion was poured into the northern bourse, with total trading volume of nearly 146.9 million shares.

Meanwhile, foreign investors were net buyers on both exchanges, with a value of VND15.89 billion on the southern bourse and VND15.26 billion on HXN exchange.