Vietnam's benchmark index drops amid weak sentiment, steel stocks rally

The VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), dropped 2.84 points or 0.27% to 1,052.48 in the Friday session due to weak sentiment, ending its three-session gaining streak.

More than 881.5 million shares changed hands for VND15.5 trillion ($658 million). The southern bourse saw 195 losers, 208 gainers, and 85 going flat.

The VN30-Index, which tracks the performance of 30 largest-cap stocks, also decreased 4.01 points to 1,064.07, with 15 gainers and 14 losers.

The steel group made the spotlight with many stocks hitting their ceiling prices, including NKG of Nam Kim Steel JSC, HSG of Hoa Sen Group, and POM of Pomina Steel.

HPG of Hoa Phat gained 5.4%, making the most positive contribution to the VN-Index. Over 55 million HPG shares changed hands for about VND1.11 trillion ($47 million).

Experts attributed the rallies of the steel tickers to the recovery of global steel prices after China lifted its anti-pandemic restrictions.

The groups of construction materials, cement, and coal showed good performances.

Meanwhile, stocks in the real estate, banking, and consumer goods sectors had negative impacts on the market.

Foreign investors continued to be net buyers to the tune of VND265.3 billion ($11.24 million) on theHoSE. They have net purchased Vietnamese stocks for 20 consecutive sessions with a total value of nearly VND17 trillion ($720.18 million).

Foreign investors mainly net bought HPG, SSI of Saigon Securities, VND of VNDirect Securities, NVL of Novaland; while net selling VRE of Vincom Retail, MSN of Masan Group, VNM of Vinamilk, and VIC of Vingroup.

The HNX-Index on the Hanoi bourse slightly gained 0.04 points to 212.99, while the UpCOM-Index on the unlisted public company market fell 0.4 points to 72.19.