A customer buys a smartphone at a store of Mobile World Investment Corporation in HCM City. Shares of the company tumbled nearly 3 per cent on Friday, weighing on the market's bearish sentiment. — Photo bnews.vn

HÀ NỘI — Market tumbled on Friday, a stark contrast to the positive trends observed in various Asian markets, due to a rapid increase in selling pressure.

The VN-Index, presenting the Hochiminh Stock Exchange (HoSE) closed down by 40.67 points, or 2.25 per cent, to 1,767.84 points. Selling pressure intensified right from the start of the trading session among large-cap stocks, placing immediate pressure on the overall index.

A similar situation unfolded in another main exchange, with the HNX-Index on the Hanoi Stock Exchange (HNX) dropping by 3.95 points or 1.53 per cent, to 253.64 points. 

The breadth on HoSE fell into the negative zone, with the number of decliners surpassing that of gainers by 237 to 88. 

Despite the decline, market liquidity remained high, as investors moved to take advantage of lower prices amidst the significant downturn. Total trading value on the HoSE surpassed VNĐ33.6 trillion (US$1.28 billion), with the VN30 basket contributing more than VNĐ17.4 trillion.

The primary driver behind this steep correction was the plunge of large-cap stocks in the market. 

The 30 biggest stocks tracker, VN30-Index, closed the session down by 38.57 points, or 1.99 per cent, finishing at 1,904.19 points. 

Key players such as FPT Corporation (FPT) fell by 3.3 per cent, Mobile World Investment Corporation (MWG) by 2.9 per cent, and Masan Group (MSN) by 2.7 per cent. 

The banking sector also faced challenges, with notable declines seen in Techcombank (TCB) down 2.3 per cent, BIDV (BID) falling 1.9 per cent, and Vietinbank (CTG) dropping 1.5 per cent, all contributing to the overall downturn of the index.

Moreover, the securities sector recorded sharp declines, with many stocks experiencing significant losses. 

Saigon-Hanoi Securities (SHS) saw a fall of 6.6 per cent, Vietcap Securities (VCI) decreased by 6.2 per cent, SSI Securities (SSI) fell by 6 per cent, MB Securities (MBS) declined by 5.3 per cent, and Ho Chi Minh City Securities (HCM) shed 4.7 per cent. 

The energy and oil sectors were not spared either, as profit-taking led to declines of 1.6-6.3 per cent in big players like PV Gas (GAS), PV Oil (OIL), PV Drilling (PVD), and PetroVietnam Technical Services Corporation (PVS).

Foreign trading also contributed negatively, with foreign investors recording a net sell of over VNĐ1.3 trillion on HoSE and VNĐ81.75 billion on HNX. — BIZHUB/VNS