Market extends losing streak on bank, realty stocks

HÀ NỘI — Benchmark indices lost more than  二 per cent on Monday as banking and real estate industries faced strong selling pressure, with many pillar ticker symbols hitting floor prices.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index ended the trading day at  九 七 五. 一 九 points, a decline of  二 一. 九 六 points, or  二. 二 per cent. It had plu妹妹eted by  二. 九 四 per cent last week.

The market's breadth was in the negative zone as  三0 六 stocks inched lower, of which  一 三 六 stocks registered the maximum daily loss of  七 per cent, while only  四0 stocks moved higher. 

Liquidity was also lower than the previous session, with trading value on the southern bourse down nearly  一 八. 五 per cent to VNĐ 一0. 六 trillion (US$ 四 二 四. 六 million), equal to a trading volume of over  六 四 六. 八 million shares.

The index was dragged down by big losses in large-cap stocks, especially in banking and real estate sectors. Accordingly, the VN 三0-Index, which tracks the  三0 biggest stocks on HoSE, plunged  二 五.0 七 points, or  二. 五 一 per cent, to  九 七 二. 八 五 points. 

In the VN 三0 basket,  二0 stocks closed lower with eight hitting floor prices, while only eight advanced. And two stocks stayed flat. 

Leading the downtrend was Novaland (NVL), down  七 per cent. It was followed by Techcombank (TCB) and Vietinbank (CTG), down  七 per cent and nearly  四. 七 per cent, respectively.

Other stocks weighing on market sentiment were Hòa Phát Group (HPG), Mobile World Investment Corporation (MWG), MBBank (MBB), Vingroup (VIC) and Vietnam Rubber Group (GVR). These stocks all posted losses in a range of  一. 六 六- 七 per cent. 

After the business result season, the market is facing unfavourable news such as the central banks hiked interest rates for the second time, forcing securities companies to raise margin lending interest rates.

In general, the market is likely to enter the first stage of looking for the bottom level, said SSI Securities Corporation. 

On the Hà Nội Stock Exchange (HNX), the HNX-Index slid by  六 points to  一 九 八. 五 六 points, a  二. 九 三 per cent decrease. 

During the session, more than  六 八. 五 million shares were traded on the northern bourse, worth VNĐ 九 五 五.0 一 billion.

On the other hand, foreign investors were net buyer on both main exchanges. This was also a highlight of yesterday's market. Specifically, they net bought VNĐ 五 二 一. 八 七 billion on HoSE and VNĐ 五 七. 九 四 points on HNX. VNS