Shares closed lower in the first trading session of May on both the national stock exchanges.

After a five-day holiday, the capital inflow had not returned to the market strongly on May 5 as investors remained cautious and hesitant to invest money.

The billboards were deep in the red, with the VN-Index on Ho Chi Minh Stock Exchange seen losing 13.15 points, or as much as 2.28 percent, ending at 564.85 points-the lowest level of the trading day.

Sell-offs occurred on large-cap stocks, with 29 out of the southern bourse's 30 largest shares by capitalisation and liquidity tumbling. The VN30-Index slid 2.81 percent, or 17.74 points, to land at 614.36 points.

Only Kinh Do Corporation (KDC) managed to improve on May 5, rising 1.8 percent to end the day at 57,000 VND (2.7 USD) per share.

Among the losers, Hoa Sen Group (HSG) dropped to 6.9 percent, with a floor price of 46,200 VND (2.2 USD) per share. Becamex IJC (IJC) also tumbled to 6.5 percent, with a floor price of 11,600 VND (0.55 USD) per share.

Other market pillars such as Masan Group (MSN), Bao Viet Holdings (BVH), Hoa Phat Group (HPG), Vingroup (VIC) and Sai Gon Securities (SSI) also posted huge losses of between 1,000 VND (0.047 USD) and 5,000 VND (0.23 USD) per share.

The market performance on May 5 was in line with an old saying in the stock market: "Sell in May and go away."

Overall, on the southern bourse, only 32 codes managed to increase and 32 others closed at their reference prices, while 210 codes lost value.

Trading remained sluggish, with 76 million shares changing hands, worth 1.3 trillion VND (61.9 million USD), roughly the same as the trading sessions on April 28-29 before the market was closed due to a public holiday.

On the Hanoi Exchange, the HNX-Index lost 3.16 percent to end at 77.36 points, while the HNXFF-Index, tracking the performance of stocks with a minimum free float rate of 5 percent, finished 3.43 percent lower at 78.03 points.

The trading volume and value slightly improved over the last week, with 50 million shares traded, for a total value of around 505 billion VND (24 million USD).

There were 180 losers and 57 gainers on the capital city's bourse on May 5.

Losses of blue chips contributed largely to the market loss on May 5, with the HNX30-Index, composed of the top stocks, seen losing 7.89 points, or 4.92 percent, ending at 152.57 points.-VNA