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Shares trade lower on rising selling pressure
Shares traded lower on Monday morning on the two national stock exchanges as selling pressure continued to press on blue chips, especially in the banking and finance sectors.
The benchmark VN Index on HCM Stock Exchange went down 0.67 per cent to stand at 1,112.37 points. The southern market index had slumped 3.2 per cent last week.
On Ha Noi Stock Exchange, the HNX Index dived 1.44 per cent to 130.67 points after falling 0.5 per cent in the previous week.
Bank and securities stocks were under the heaviest selling pressure.
Most of the large banks and securities companies on the two exchanges suffered losses in the morning trade, including Vietinbank, Vietcombank, Military Bank, Asia Commercial Bank, Saigon Securities Inc., VNDirect Securities, MB Securities and Bao Viet Securities.
Their losses ranged from 2 to 4 per cent.
However, the growth of some large-cap stocks cushioned the market fall. The largest supporters included brewer Sabeco, VinGroup, budget airline Vietjet and agricultural company PAN Group.
The overall market condition was negative though, with 253 declining stocks, 163 rising stocks and 326 stocks remaining unchanged on the two bourses.
A total of 118 million shares, worth VND3.2 trillion (US$141 million), were traded on the two exchanges.
The afternoon trading session starts at 1pm.
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