HÀ NỘI — The market's benchmark slipped below the 1,700-point threshold on Thursday for the first time in the latest losing streak, as Vingroup-related stocks and energy shares came under selling pressure.

The VN-Index, representing the Hochiminh Stock Exchange (HoSE), extended its decline for a seventh consecutive session, finishing at 1,698.35 points. The index lost 6.52 points, or 0.38 per cent. 

However, liquidity improved from the previous session, increasing to VNĐ15 trillion (US$581 million). 

The market's breadth was also positive, as the number of gainers surpassed that of decliners by 164 to 153. This indicated that the downward pressure was concentrated in several large-cap stocks rather than spread evenly across the market. 

Among stocks supporting the VN-Index, MBBank (MBB) made the largest positive contribution, adding 1.14 points. VPS Securities (VCK) contributed 0.48 points, followed by Vietinbank (CTG) with 0.40 points, Vinpearl (VPL) with 0.37 points, FPT Corporation (FPT) with 0.35 points, Vietcombank (VCB) with 0.34 points, Techcom Securities (TCX) with 0.27 points and Ho Chi Minh Securities (HCM) with 0.25 points.

However, these gains were insufficient to offset losses among major stocks. Vinhomes (VHM) was the biggest drag, taking 3.56 points off the benchmark, followed by PetroVietnam Refining and Petrochemical Corporation (BSR) with 1.96 points and PV Gas (GAS) with 1.19 points.

BaoViet Holdings (BVH) and Sacombank (STB) each reduced the index by 0.70 points, while Vingroup (VIC), LPBank (LPB) and HDBank (HDB) subtracted 0.64 points, 0.55 points and 0.54 points, respectively.

Energy stocks recorded the steepest sectoral decline, amid widespread selling pressure and lower global oil prices. BSR dropped 6.31 per cent, while PetroVietnam Technical Services Corporation (PVS) and PetroVietnam Transportation Corporation (PVT) fell 4.24 per cent and 4.25 per cent, respectively. Petrolimex (PLX) declined 1.93 per cent.

On the Hanoi Stock Exchange (HNX), the HNX-Index fell 5.87 points, or 2.21 per cent, to 259.29 points. 

Adding pressure on the market, foreign investors extended their net selling trend on both the exchanges, offloading VNĐ685.6 billion on HoSE and VNĐ25.1 billion on HNX.

In its latest report, Kirins Securities said the VN-Index has continued to decline without showing clear signs of a reversal. Selling pressure remained evident across multiple sectors, while demand had yet to demonstrate a significant recovery.

Kirins Securities advised investors to remain cautious, limit bottom-fishing and prioritise risk management. For stocks that have breached investors' risk-management thresholds, it said investors could consider reducing their exposure when the market stages rebounds in coming sessions.

The securities firm expects the market's corrective trend to remain dominant, while low liquidity indicates that bargain-hunting flows have yet to strengthen significantly.

A technical rebound could emerge over the next few sessions, it said, but the index could resume its downward trend after such a recovery. — BIZHUB/VNS