Selling pressure dominated the session, with 414 stocks declining and 330 advancing. — Photo bnews.vn

HÀ NỘI — The Vietnamese stock market slid for a second day on Friday, as the benchmark VN‑Index on the Ho Chi Minh Stock Exchange (HOSE) fell nearly 30 points, or 1.79 per cent, to close at 1,639.65.

On the Hanoi Stock Exchange, the HNX‑Index declined 0.42 per cent to end at 265.85.

Selling pressure dominated the session, with 414 stocks declining and 330 advancing.

In the VN30 basket, which tracks the top 30 shares on HOSE by market value and liquidity, 21 stocks fell, eight gained and one remained flat.

The property and real estate sector was the weakest, down 4.22 per cent, driven by Vingroup trio shares. These include Vingroup (VIC), down 6.42 per cent; Vinhomes (VHM), down 4.62 per cent; and shopping mall developer Vincom Retail (VRE), down 3.76 per cent.

The financials and industrials sectors also slipped by 1.44 per cent and 1.07 per cent, respectively.

In terms of impact, VIC, VHM, Vietcombank (VCB) and budget airline Vietjet (VJC) were the biggest drags on the VN-Index, together pulling it down by more than 18.2 points.

On the other hand, PV GAS (GAS), Vietnam Rubber Group (GVR), Asia Commercial Bank (ACB) and software giant FPT (FPT) managed to stay in positive territory, but contributed only around 2.7 points to the benchmark.

Liquidity rose from the previous session.

A total of 846 million shares worth VNĐ27.7 trillion (US$1.1 billion) were traded on HOSE, up 6 per cent in volume and 16 per cent in value compared to Thursday.

Meanwhile, 83 million shares worth VNĐ1.8 trillion were traded on HNX.

Foreign investor selling continues

Foreign investors were net sellers of more than VNĐ453 billion on HOSE, heavily weighed against stocks like VIC (VNĐ234.5 billion sold) and VHM, Vietinbank (CTG) and Military Bank (MBB) with over VNĐ100 billion sold.

On the HNX, net foreign sales exceeded VNĐ58 billion.

This week foreign investors net sold a total value of over VNĐ7.2 trillion.

According to Sài Gòn – Hà Nội Securities (SHS) analysts, the VN-Index is consolidating between 1,620 and 1,710 points after a strong rally, with healthy divergence and rising demand at lower prices.

Selling pressure remains high on stocks that gained sharply, while those with solid fundamentals and prolonged corrections are seeing a recovery, supported by positive Q3 earnings.

“Investors should avoid raising exposure near 1,700 points, but can selectively buy stocks with attractive valuations and strong results,” SHS analysts wrote in a daily note. — BIZHUB/VNS