Hưng Yên Province-based Hòa Phát Steel Company of the Hòa Phát Group (HPG). HPG lost 2.1 per cent yesterday. VNA/VNS Photo Phạm Kiên

HÀ NỘI— Shares cut early gains to end lower on Monday as selling pressure suddenly appeared in the afternoon session, causing many large-cap stocks to fall deeply and pushed the VN-Index back below the reference level.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) reversed the morning course to inch down 0.37 per cent, to 1,438.97 points. The index had risen 4.2 per cent last week.

The market's breadth turned negative with 249 stocks declining, while 216 rose.

Liquidity soared to a record high with 1.1 billion shares traded on the southern bourse, worth VNĐ33.7 trillion (US$1.48 billion).

The index's reversal was due to losses in large-cap stocks. The 30 biggest stocks tracking VN30-Index fell sharply 1.02 per cent, to 1,516.75 points. Twenty in the VN30 basket increased, while seven climbed and three ended unchanged.

In the VN-30 basket, losers included Tiền Phong Bank (TPB), falling 4.1 per cent, Phát Đạt Real Estate (PDR) declining 3.4 per cent, Masan Group (MSN) down 3.1 per cent, Hoà Phát Group (HPG) falling 2.1 per cent and PetroVietnam Gas (GAS) down 2.2 per cent.

However, the index's loss was capped by gains in some pillar stocks. PVPower (POW) gained by more than 3 per cent, SSI Securities Inc (SSI) and Vietinbank (CTG) rose 2 per cent. Sabeco (SAB), Bank for Investment and Development of Vietnam (BID), Novaland (NVL) and HDBank (HDB) were among the rest of the gainers.

“The market experienced a struggling session in a narrow range,” said BIDV Securities Co.

“Liquidity increased by more than 12 per cent compared to the previous session. Foreign investors were net buyers on the HoSE and net sellers on the HNX. This week, the market may have correction sessions and continue to maintain the upward momentum to reach new high areas,” it said.

Foreign investors net bought VNĐ61.77 billion on HOSE, including Vinhomes (VHM) with VNĐ158.17 billion, Vietinbank (CTG) with VNĐ70.70 billion. They were net sellers on HNX with a value of VNĐ36.14 billion.

Meanwhile, the HNX-Index on the Hà Nội Stock Exchange (HNX) still rose 0.83 per cent, to 415.54 points. The index had climbed 4.1 per cent last week.

During the trading session, investors poured VNĐ4.1 trillion into the northern market, equivalent to a trading volume of 169 million shares. — VNS