Vietnam’s benchmark VN-Index dropped 1.81% to 1,284.08 points on Friday due to soaring selling pressure towards the end of the session.
In contrast to the positive trend at the start of the week, red coverage dominated the final two sessions.
Following Thursday's loss, the market started lower on Friday, with large-cap stocks struggling. The VN-Index fell below 1,300 points in the middle of the morning and recovered before the lunch break.
However, the selling force increasingly expanded in the afternoon, widening the red coverage in most of stocks at the end of the trading day.
Twenty-five stocks of the VN30 basket, comprised of the 30 largest stocks by market cap and liquidity on the Ho Chi Minh Stock Exchange (HoSE), were in red. This was led by GAS (PV Gas) and PNJ (Phu Nhuan Jewelry), which hit the floor.
VN30-Index closed the session at 1,325.69, down 17 points (1.28%). Liquidity reached VND6,008 billion ($268.3 million), accounting for 35.4% of HoSE liquidity.
Small and medium stocks also failed to avoid the loop with VNSmallCap and VNMidcap down 2.92% and 2.5% respectively.
VN-Index closed the week at 1,284.08, down 23.72 points, with 375 stocks losing (24 stocks hitting the floor) and 85 gaining. Meanwhile, HNX-Index fell 6.3 points (2.01%) to 306.44, while UPCoM-Index dropped 1.17 points (1.23%) to 93.72.
On the three exchanges, 776 stocks were losers and 285 gainers, with total liquidity reaching VND21,623 billion ($933.8 million), up 34.8% from last week’s session.
The overwhelming red extended its coverage to most of sectors like banking, securities, real estate, retail, and aviation.
Energy was the largest loser with GAS plunging to the floor, followed by PLX (Petrolimex) and POW (PV Power), dropping by 4.05% and 5.66% respectively.
Foreign investors were net buyers for the fourth consecutive session to the tone of VND86.2 billion ($3.72 million) on the HoSE, focusing on STB (Sacombank) and HDB (HDBank).