National indices tumble on selling pressure

Both national stock exchanges closed in the red yesterday, with major losses marked on the benchmark indices.

On the HCM City Stock Exchange, the VN Index tumbled 1.2 per cent to finish yesterday at 500.35 points.

According to FPT Securities, strong selling pressure during the final minutes of afternoon trading dragged down the benchmark indices.

However, liquidity improved over last Friday. The total trading value was VND1.6 trillion (US$76,19 million) on the exchange of 94.28 million shares.

Blue chips suffered strong losses yesterday, with 25 of the southern city's 30 largest shares by capitalisation and liquidity declining, making the VN30-Index slide 1.05 per cent to 556.37 points.

PetroVietnam (PVT) dropped VND800 ($0.038) to its floor price of VND11,000 ($0.52).

Masan Group (MSN) slid by VND1,500 ($0.07) to VND82,500 ($3.9) per share, while Hoa Sen Group (HSG), real estate giant Vingroup (VIC), and Vinamilk (VNM) lost VND1,000 ($0.048) per share each.

Other decliners such as Bao Viet Group (BVH), PetroVietnam General Services (PET), FPT Group (FPT), Hoang Anh Gia Lai (HAG), Ocean Group (OGC), and Vietcombank (VCB) lost between VND100 ($0.0048) and VND800 ($0.038) per share each.

Only Sacombank (STB) and Thanh Tanh Cong Tay Ninh Sugar JSC (SBT) managed to increase by VND100 ($0.0048) and VND300 ($0.0142) per share yesterday, respectively, while Hoa Phat Group (HPG), Military Bank (MBB), and Pha Lai Thermo-electricity (PPC) retained their reference prices.

Overall, on the southern bourse, only 37 codes managed to increase while 199 codes lost.

On the Ha Noi Exchange, the HNX-Index lost 1.44 per cent to hit 66.95 points, while the HNXFF-Index, composed of stocks with a minimum free-float rate of 5 per cent, closed at 66.92 points, 1.46 per cent lower due to the pressure of profit-taking.

With 59.88 million shares traded, the total value reached VND486.5 billion ($23.16 million).

The HNX30-Index, tracking the capital city's 30 largest shares, had a hard loss of 2.14 per cent to reach 124.96 points.

The market will be closed tomorrow for the public holiday and will resume on Thursday.

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