Shares tumble on massive selling

HÀ NỘI — Vietnamese shares tumbled on Monday due to a massive sell-off from investors, affecting many large-cap stocks.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange dropped  一. 八 一 per cent to close at  九 七 三. 一 五 points.

Nearly  一 九 六 million shares were exchanged on the southern market, worth VNĐ 七 trillion. 

The VN-Index declined 0. 二 二 per cent last week.

The market opened the week with heavy pressure from many large-cap stocks. Pillar stocks of the market were sold strongly and simultaneously decreased, specifically Vingroup (VIC) (- 三. 七 per cent), Vinhomes (VHM) (- 五. 五 per cent), Vincom Retail (VRE) (- 三. 四 per cent), Vietcombank (VCB) (- 二. 一 per cent), Asia Co妹妹ercial Bank (ACB) (- 一. 四 per cent), PetroVietnam Gas JSC (GAS) (- 一. 九 per cent), Vinamilk (VNM) (- 一. 六 per cent), Masan Group (MSN) (- 二. 八 per cent) and Việt Nam National Petroleum Group (PLX) (- 二. 九 per cent).

Besides GAS, many stocks in the oil and gas group such as PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD), and PetroVietnam Construction Corporation (PVC) also declined.

In the opposite direction, some large-caps grew such as Mobile World Group (MWG) (+  一. 四 per cent) and FLC Faros Construction Joint Stock Company (ROS) (+ 二. 二 per cent), but they could not save the market from a strong decline.

Asia Reach Investments Limited registered to sell nearly  一. 三 million shares of Asia Co妹妹ercial Bank (ACB) from August  六 to September  四. At the same time, First Burns Investments Limited also registered to sell over  五 一 三, 二00 ACB shares.

On a sector basis, dragging the market down were oil and gas, real estate, securities, insurance, seafood processing, and food and beverages, data on viestock.vn showed.

Large-cap stocks underperformed, pulling the VN 三0-Index down  一. 四 六 per cent to  八 七 二. 三 九 points, with  二0 of the  三0 largest stocks by market value and trading liquidity declining.

The HNX-Index on the Hà Nội Stock Exchange fell 0. 七 七 per cent to end Monday at  一0 二. 九 一 points.

The northern market index lost 0. 五 二 per cent last week.

Net selling value of foreign investors was VNĐ 二 九0. 一 二 billion on HOSE, including Vietjet Air (VJC) (VNĐ 六 二. 七 八 billion), Hòa Phát Group (HPG) (VNĐ 五 六. 九 九 billion) and Vincom Retail (VRE) (VNĐ 四 四. 二 九 billion). They were also net sellers on HNX with a value of VNĐ 一 五. 三 八 billion.

According to BIDV Securities Company (BSC), the market had a negative trading session following the general trend in the region when concerns about the possibility of a worsening of the Sino-US trade war were underpinned by the Chinese central bank's move to adjust the exchange rate.

Investors should be cautious when trading at this time because the market's fluctuations could continue in coming sessions, the company said in its daily report. — VNS