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Market corrects downwards as blue chips lose steam
Shares closed in the negative zone on the two stock exchanges on Monday morning as large caps lost steam and weighed down the markets.
On the HCM Stock Exchange, the VN-Index was down 0.37 per cent at 823.78 points.
On the Ha Noi Stock Exchange, the HNX-Index declined 1.14 per cent to 106.91 points.
Market breadth was negative as the number of losing stocks outnumbered gaining stocks by 286-123 on the two markets. Another 301 stocks remained unchanged.
Blue chips led the downturn. As many as 25 of the top 30 largest stocks by market value and liquidity on the HCM Stock Exchange tumbled and only three advanced.
The three were brewer Sabeco (SAB), up 2.6 per cent; FLC Faros Construction (ROS), up 1.6 per cent; and Vietcombank (VCB), up 1.1 per cent.
On the defensive side, the stocks impacting the market the most were Vietinbank (CTG), Petrolimex (PLX), PV Gas (GAS) and Vinamilk (VNM), as well as Hau Giang Pharmaceutical (DHG) and Masan Group (MSN).
Market analysts predicted the market will soon experience a correction following a long rally over the past one month, particularly when large caps, driving the market's growth, were under profit-taking selling pressure.
A total of 118.4 million shares worth almost VND2.5 trillion (US$109.7 million) were traded on the two markets in the morning.
Afternoon trade starts at 1pm.
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