Large-cap stocks weighed on the market, with the VN-Index facing pressure from the get-go. No sector emerged as a strong leader to counter the decline. Within the VN30 basket, decliners outnumbered advancers, with 16 stocks falling while only 13 managed to eke out gains. GAS, VCB, VNM, BID, SAB, and HPG exerted the most significant downward pressure. Meanwhile, BCM, HVN, CTG, VPB, PGV, and TPB attempted to buoy the market but fell short of balancing the losses.
The lackluster performance extended to influential sectors with high market capitalization and liquidity, such as banking, real estate, and securities, which mostly traded sideways. A rare bright spot was the aviation sector, which went against the broader market trend but had a modest impact. HVN, at one point, surged to hit the daily limit-up before paring some gains to close 5.6% higher. ACV, VJC, and NCS also ended in positive territory, extending their rally following impressive first-quarter earnings reports.
Despite the sea of red, the downside was relatively limited, with the VN-Index shedding less than 2 points. NVL, belonging to Novaland, rebounded to post a gain of over 1%, recovering from the previous session’s sharp sell-off.
As the VN-Index underwent a correction, foreign investors turned net sellers, offloading over VND1,720 billion worth of shares…
Foreign investors sold a net VND1,720 billion worth of shares.
The Ho Chi Minh City Stock Exchange recently released an updated list of 86 stocks ineligible for margin trading as of May 9, a reduction of 21 stocks compared to the previous quarter. Notably, margin trading has been reinstated for several stocks, including NVL and QCG. Meanwhile, the list still includes familiar names such as HAG, HBC, HNG, HVN, CRE, FCN, FRT, DXS, and POM.
At the close, the VN-Index lost 1.82 points or 0.15% to end at 1,248.64. Conversely, the HNX-Index and UPCoM-Index edged higher, gaining 0.06 points (0.03%) and 0.34 points (0.37%), respectively, to close at 234.58 and 91.91. Market liquidity weakened, with the matching value on HoSE dipping below VND16,500 billion. Foreign investors offloaded Vietnamese shares, recording the strongest net selling session since March 27, with a net sell value of over VND1,720 billion.
