HÀ NỘI — Benchmark indices continued their tug-of-war trend on Tuesday as late-session selling pressure overwhelmed early recovery attempts and dragged most major sectors into negative territory.
The market opened with signs of stabilisation after five straight declines, but buying demand remained cautious throughout the day. Selling pressure accelerated towards the close, causing the benchmark index to reverse course and deepen its losses.
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index dropped 18.07 points, or 0.98 per cent, to 1,826.46 points, marking its sixth consecutive decline.
According to analysts at Yuanta Securities Vietnam, the market’s corrective phase could continue in the short term as the benchmark index remains below its 200-day moving average (MA200), a widely followed technical indicator used to assess long-term market trends.
Market breadth reflected weakness across the board. More than 220 stocks on the HoSE closed lower, nearly three times the number of gainers. Within the VN30 basket, which tracks the largest listed companies, 26 stocks declined while only three advanced.
Liquidity on the HoSE reached nearly VNĐ19.5 trillion (US$740 million), with a trading volume of more than 727 million shares.
Shares of Novaland (NVL) fell to the daily limit of VNĐ14,200 and ended the session without any matching buy orders.
Several other property developers also posted significant losses. Ho Chi Minh City Infrastructure Investment (CII), Phat Dat Real Estate Development Corporation (PDR), Sai Gon Thuong Tin Real Estate (SCR) and Dat Xanh Group (DXG) each declined by more than 2.5 per cent.
Meanwhile, major Vingroup-related stocks showed relatively more resilience but remained under pressure. Vingroup (VIC), Vinhomes (VHM), Vincom Retail (VRE) and Vinpearl (VPL) either closed unchanged or slipped by nearly 1 per cent.
One notable exception within the property sector was Hoang Quan Corporation (HQC), which rose to the daily ceiling price for a second consecutive session.
Banking stocks, another key pillar of the market, also came under pressure.
HDBank (HDB) posted the steepest decline among major lenders, falling 3.3 per cent. Other large-cap banking shares, including VietinBank (CTG), VPBank (VPB), LPBank (LPB), Techcombank (TCB) and Saigon-Hanoi Bank (SHB), all lost more than 1 per cent compared with their reference prices.
In contrast, SeABank (SSB) gained 1.4 per cent, making it one of the few stocks providing positive support to the benchmark index.
Technology giant FPT Corporation (FPT) emerged as the market’s primary support. FPT shares rose by 2.6 per cent, contributing almost one point to the VN-Index.
On the Hanoi Stock Exchange (HNX), the HNX-Index extended gains, closing at 317.79 points. The index increased by 9.61 points, or 3.15 per cent.
Foreign investors continued to withdraw capital from the market, with net foreign sales reaching approximately VNĐ540 billion. — BIZHUB/VNS
