On the HCM Stock Exchange, the VN-Index slid 0.95 per cent to close Thursday at 938.65 points, extending a three-day loss to 3.25 per cent.

Selling pressure was maintained in leading stocks including Vinamilk (VNM), down 4.6 per cent; brewer Sabeco (SAB), down 2.6 per cent; VinGroup (VIC), down 1.4 per cent; VPBank (VPB), down 2.2 per cent; Tien Phong Plastics (NTP), down 2.8 per cent; and Vietcombank (VCB), down 0.8 per cent.

The VN-Index would have dropped further without the cushion of blue chips such as private equity firm Masan Group (MSN), PV Gas (GAS), insurer Bao Viet Holdings (BVH), FLC Faros Construction (ROS) and lender BIDV (BID) with growth of between 0.6-1.8 per cent each.

“The good news was that instead of fluctuating along the market, small- and mid-cap stocks were actively trading and attracting investors’ cash flow,” analysts at BIDV Securities Co wrote in a report on Thursday, indicating the balanced number of losing and gaining stocks.

About 142 stocks advanced on the HCM City’s market on Thursday while 132 declined. Another 73 closed flat.

Both the VN-Midcap and VN-Smallcap increased 0.6 per cent while the VN30 which tracks the top 30 largest shares by market value and liquidity fell 1.1 per cent.

Substantial small- and mid-cap stock gainers on Thursday included Vinacafe Bien Hoa (VCF), Power Construction No 1 (PC1), Vinh Hoan Corp (VHC) and Hoa Binh Construction Group (HBC) and CMC Corp (CMG), with growth of 4-7 per cent each.

However, liquidity tended to weaken, showing investors’ hesitation towards the negative trend of the market.

Thursday was the second day liquidity declined with nearly 197 million shares worth VND4.75 trillion (US$208.3 million) traded on the southern market, down 19 per cent in trading volume and 23 per cent in trading value compared to the previous session.

“We believe that the small and medium caps which had recovered will help stabilise investor sentiment. In the upcoming sessions, the VN30 might recover after decreasing recently,” BIDV Securities Co’s analysts said.

On the Ha Noi Stock Exchange, the HNX-Index rallied for a second day, up 1.02 per cent to end Thursday’s trade at 114.53 points with nearly 54 million shares worth VND801 billion traded.