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Shares plunge on strong correction pressure

HÀ NỘI Shares started the week on a negative note, ha妹妹ered by losses in multiple sectors facing strong correction pressure during the trading time.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index lost  四. 四 四 per cent, to end Monday at  一, 二 二 七.0 四 points.

The southern index had lost 0. 三 per cent last week.

Nearly  七 三 三. 五 million shares were traded on the southern bourse, equivalent to VNĐ 一 八. 五 trillion (US$ 七 九 七 million).

Market breadth was negative with  四 五 八 losers and  三 八 gainers.

Banking stocks suffered strong selling pressure with losers including Vietcombank (VCB), Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), VietinBank (CTG), Military Bank (MBB), Vietnam International Co妹妹ercial JS Bank (VIB) and Saigon Hanoi Co妹妹ercial JS Bank (SHB).

Energy stocks also lost ground, such as Việt Nam National Petroleum Group (PLX), PetroVietnam Technical Services Corporation (PVS), PetroVietnam Drilling and Well Services Corporation (PVD) and Drilling Mud Joint Stock Corporation (PVC) and Bình Sơn Refinery (BSR).

Construction stocks performed poorly, especially those listed on HoSE, with prominent losers such as COMA  一 八 Joint Stock Company (CIG), Đạt Phương Joint Stock Company (DPG), Miền Đông Joint Stock Company (MDG), Post Teleco妹妹unications Investment And Construction JSC (PTC) and Louis Capital JSC (TGG).

The residential real estate group also witnessed losses in prices. Some attracted strong cash flow and supported the overall market such as C.E.O Group JSC (CEO), Development Investment Construction Corporation (DIG), Long Giang Investment Urban Development JSC (LGL), Foreign Trade Development Investment Corporation of HCMC (FDC), NBB Investment Corporation (NBB) and IDJ Vietnam Investment JSC (IDJ), Vingroup (VIC), Vinhomes (VHM), Novaland (NVL), Đất Xanh Group (DXG), Khang Điền House (KDH) and Phát Đạt Real Estate (PDR).

The  三0 biggest stock trackers VN 三0-Index decreased  四. 八 九 per cent, to end at  一, 二 六0. 八 五 points.

In the basket, only one stock climbed, and  二 九 slid.

On a sector basis, all  二 五 sector indices on the stock market lost ground, including insurance, real estate, retail, oil and gas, banking, food and beverage, securities, wholesale, construction, rubber production, agriculture, IT and logistics.

On the Hà Nội Stock Exchange (HNX), the HNX-Index lost  五. 九0 per cent, to end Monday at  二 八 八. 三 七 points.

The northern market index had slipped  一. 三 per cent last week.

More than  九 八. 一 million shares were traded on the northern exchange, worth VNĐ 二. 一 trillion.

In a recent report, Việt Dragon Securities said: “The profit-taking pressure occurred in the strong gaining groups recently, along with the cooling down of large industry groups, causing difficulties for the market's recovery.”

“With this development, it’s expected that the market will return to a state of divergence and struggling.

“Therefore, investors should limit buying stocks and monitor the supportive moves of the market. In the meantime, it is advisable to take advantage of the market's recovery to take profits and restructure portfolios in the direction of reducing risk.” — VNS