Blue chip sell-offs drag markets down

Vietnamese shares ended down on Thursday morning on profit-taking.

The benchmark VN-Index on the HCM Stock Exchange retreated 0.87 per cent to close at 944.51 points. It also dropped 0.38 per cent on Wednesday.

The HNX-Index on the Hà Nội Stock Exchange ended down 0.81 per cent at 104.70 points after losing 0.56 per cent yesterday.

A total of 145 million shares were traded on Thursday morning, worth VND2.5 trillion (US$112 million).

The overall market breadth was negative with 114 stocks on the two exchanges advancing, 253 declining and 375 remaining unchanged.

Banking stocks lost ground, dragging the market down with them, including Bank for Investment and Development of Viet Nam (BID), Vietcombank (VCB), Vietinbank (CTG), VPBank (VPB) and Military Bank (MBB).

In addition, blue chips including insurer Bao Viet Holding (BVH), steel makers Hoa Sen Group (HSG) and Hoa Phat Group (HPG), and dairy firm Vinamilk (VNM) plunged.

The afternoon session starts at 1pm.

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