Heavyweight stocks dragged Vietnamese’s blue-chip share indices lower on Tuesday, pressuring the overall stock market amid weakening market sentiment.

On the HCM City Stock Exchange (HoSE), the VN-Index ended the trading day at 1,185.07 points, a loss of 0.29 per cent.

The southern market index closed Monday at 1,188.50 points, a loss of 0.52 per cent.

“Cash flow still seemed to be hesitant when VN-Index faced 1,200 points. After approaching this level in the first half of the morning, the VN-Index encountered selling force and went down to 1,185 before struggling around 1,185- 1,190,” said BIDV Securities Co in its Tuesday report.

“Market breadth skewed to the negative side with 16 sectors dropping such as Chemical, Oil & Gas, Retail, Utilities.

“Currently, VN-Index is tending to retest SMA 20 corresponding to 1,185. In the short term, the market may continue to accumulate in the 1,185-1,200 range,” the company said.

During the session, the market’s breadth remained in the negative zone, with 139 stocks increasing, while 311 stocks declined.

Liquidity stayed at a low level with the total trading value on the southern bourse reaching VND9.5 trillion (US$406.8 million), equivalent to a trading volume of 434.8 million shares.

The 30 biggest stock tracker VN30-Index lost 0.34 per cent, to 1,218.49 points. In the VN30 basket, eight stocks climbed, while 19 slid and three stayed unchanged.

In the VN-30 basket, losers included Hoà Phát Group (HPG), Bao Viet Holdings (BVH), Vietinbank (CTG), FPT Corporation (FPT), Military Bank (MBB), Mobile World Group (MWG), Phat Dat Real Estate (PDR), Vietnam National Petroleum Group (PLX), SSI Securities Inc (SSI), Phu Nhuan Jewelry (PNJ), Techcombank (TCB), Tien Phong Bank (TPB), Vingroup (VIC), Vinhomes (VHM), Vietjet (VJC) and Vinamilk (VNM).

On a sector basis, 21 out of 25 sector indices on the stock market lost ground, including wholesale, insurance, real estate, securities, IT, retail, agriculture, rubber production, food and beverage, seafood production, construction material and logistics.

The HNX-Index on the Hanoi Stock Exchange (HNX) also finished lower, down 0.88 per cent, to 282.88 points.

The index had lost 1.19 per cent, to close Monday at 285.38 points.

On the northern bourse, more than 42 million shares were traded, worth VND784 million.

Source: VNS