Ho Chi Minh City, Vietnam - The Vietnamese stock market suffered significant losses on Friday, with the benchmark VN-Index closing sharply lower near the 1,230-point mark. Banking stocks were the primary drivers of the market downturn, while foreign investors continued their net-selling streak.

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) finished the day at 1,230.48 points, down 15.29 points or 1.23%. Market breadth was negative, with 250 declining stocks compared to 68 advancing. Trading volume surged to approximately VND 11.2 trillion (US$440.1 million), a 49.3% increase from the previous session.

The VN30-Index, tracking the top 30 largest-cap stocks on HoSE, also recorded a significant drop, losing 17.57 points or 1.34% to close at 1,293.23 points.

The banking sector weighed heavily on the market. Bank for Investment and Development of Vietnam (BID) declined 2.13%, while Vietnam Technological and Commercial Joint Stock Bank (TCB) fell 2.3%. Other notable losers included Hòa Phát Group JSC (HPG) and Masan Group Corporation (MSN).

Despite the overall decline, some large-cap stocks offered marginal support. Southeast Asia Commercial Joint Stock Bank (SSB) rose 2.05%.

Analysts from Việt Dragon Securities commented that the market's decline below the MA(200) level at 1,240 points signaled rising supply and cautious investor sentiment. They advised investors to exercise caution and consider reducing risk exposure.

On the Hanoi Stock Exchange (HNX), the HNX-Index also ended lower, dropping 1.1% to close at 219.49 points. Foreign investors continued to offload stocks, with net sales exceeding VND 220 billion on HoSE and VND 16 billion on HNX.

[ⓒ Global Economic Times. 무단전재-재배포 금지]