Market extends losses on persistent selling force
The market was also weighed down by a net selling trend from foreign investors, who net sold over VNĐ1.37 billion on HoSE.
HÀ NỘI — Benchmark indices inched lower on Monday, with oil and gas stocks facing significant selling pressure.
On the Hochiminh Stock Exchange (HoSE), the VN-Index declined by 3.03 points, or 0.18 per cent, finishing at 1,693.21 points. This marked its third falling session.
Market breadth was negative, as 155 stocks decreased while 149 ticked higher. Liquidity was also lower from the previous session, falling to VNĐ23 trillion (US$875 million).
The VN30-Index, which tracks the 30 biggest stocks on HoSE, saw a minimal decrease of 0.61 points to 1,852.99 points. In the VN30 basket, 12 ticker symbols increased, while 13 went down and five stayed flat.
Meanwhile, the HNX-Index on the Hanoi Stock Exchange (HNX) also fell slightly by 0.1 points to 245.74 points.
Negative sentiment was largely driven by the oil and gas sector, which saw considerable declines. Binh Son Refining and Petrochemical (BSR) hit the floor prices for the second consecutive session.
Earlier this month, BSR had experienced an uptrend, recording 11 consecutive days of gains. This included five sessions of limit-up trading, which drove its price from around VNĐ23,000 to over VNĐ36,000 per share.
Similarly, PV Drilling (PVD) also logged a maximum daily loss of 7 per cent.
Other stocks in the sector, such as Petrolimex (PLX) and PV Oil (OIL), dropped by 3.51 per cent and more than 11 per cent, respectively, while PetroVietnam Transportation Corporation (PVT) decreased by 2.23 per cent.
PetroVietnam Technical Services Corporation (PVS) was the only exception, managing to rise by about 4.5 per cent.
In contrast to the oil and gas stocks, Novaland (NVL) continued its impressive performance, achieving a limit-up for the third consecutive session and marking its fifth consecutive day of price increases since March 10.
Over the past five sessions, NVL has attracted significant funds, leading to a price increase of more than 30 per cent from its nominal value.
Meanwhile, the banking sector posted a mixed performance, with Sahabank (SHB) rising by 1.67 per cent, Techcombank (TCB) increasing by 0.67 per cent and Sacombank (STB) gaining 1.22 per cent. Conversely, MBBank (MBB) fell by 0.19 per cent, Vietcombank (VCB) decreased by 0.34 per cent and BIDV (BID) dropped by 0.86 per cent.
The market was also weighed down by a net selling trend from foreign investors, who net sold over VNĐ1.37 billion on HoSE. — BIZHUB/VNS
