Banks under scrutiny in earnings season

With market sentiment fragile, second-quarter results are expected to offer fresh insight into corporate performances across banking, property, exports and commodity-linked sectors.

- By Khanh Linh

The VN-Index entered June on a weaker footing as cautious sentiment and soft liquidity weighed on trading. Selling pressure intensified on June 8, pushing the benchmark below the psychological 1,800-point threshold and resulting in its steepest one-day decline in months.

By the close, the index had lost nearly 50 points, marking its sharpest fall in two-and-a-half months. The accompanying surge in trading volume suggested investors were rushing to reduce exposure amid growing uncertainty over the market's near-term direction.

Large-cap stocks accounted for much of the decline. Vingroup was the market's biggest drag, falling 5.8 per cent to $7.80 per share and erasing more than 19 points from the benchmark. Other notable decliners included Vincom Retail (1.1 per cent), Vietjet Air (4.2 per cent), Vietnam Rubber Group (3.7 per cent), and Vinhomes (3.5 per cent).

The VN30 Index closed at 49.5 points (down about 2.5 per cent), with 27 stocks declining, two advancing, and one remaining unchanged. Sacombank ended flat, while LPBank rose 1.4 per cent and Binh Son Refining and Petrochemical gained 0.4 per cent.

Despite the recent correction, Tien Phong Securities (TPS) believes the market is approaching an important support zone that could help stabilise sentiment. The brokerage said the sharp sell-off on June 8 reflected investor caution and a lack of fresh capital rather than a significant increase in selling activity.