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VCSC Daily - Stocks drop, led lower by large-caps, energy

Stocks drop, led lower by large-caps, energy. The VN-Index slid almost one percent Monday, following the trend in Asian markets, as foreign investors net sold large-cap names, such as VNM, MSN, VIC and BVH. Energy plays, such as GAS, PVD and PVS, also fell as Brent crude prices extended a 16% slump over the last month. Financials were also weaker, led by STB (-2.8%), which fell to a five-year low today and is down 39% so far this year. We reiterated an UNDERPERFORM rating on STB on Friday.