Vietnam’s benchmark VN-Index holds above 1,800 points after seventh straight decline
VN-Index, which represents the Ho Chi Minh Stock Exchange, fell for a seventh consecutive session on Wednesday, but still closed above the key 1,800-point level, while market liquidity improved from the previous session.
The stock market sold off sharply after six earlier sessions of narrow declines. During the session, VN-Index dropped by more than 44 points to an intraday low of 1,793.13. By the close, the index had trimmed its losses to 27.59 points, managing to hold above 1,800.
An investor watching the prices of Vietnam stocks. Photo by The Investor/Trong Hieu.
Pressure on the benchmark largely came from Vingroup-related stocks, with three of the group’s four major listings – VIC, VHM and VRE – at one point hitting the daily limit down.
By the end of the session, VIC of Vingroup closed at its floor price of VND140,500 ($5.39) per share, while VHM of Vinhomes and VRE of Vincom Retail were down 5.7-5.8%. VPL of Vinpearl fell 0.98%. The group as a whole knocked nearly 23 points off VN-Index.
Banking and securities stocks were mixed, with decliners outnumbering gainers.
In contrast, oil and energy stocks continued to attract strong inflows. BSR rose 1.86%, GAS gained 2.34%, OIL climbed 4.14%, PVS jumped 6.62%, PVD added 4.1%, and PVT increased 2.19%.
Property stocks outside the Vingroup ecosystem also posted gains, including NVL, DIG, DXG, NLG, AGG, PDR, TCH, and HDC.
On the Ho Chi Minh Stock Exchange, 172 stocks declined, outnumbering the 140 gainers. Within the VN30 basket, 16 stocks fell, 11 rose, and three ended flat.
Transaction value rebounded to VND34.6 trillion ($1.33 billion), up 35% from the previous session, though still below the roughly VND40 trillion ($1.53 billion) average seen during earlier rallies when the index broke above 1,800 points.
Foreign investors were active sellers on Wednesday, posting net sales of VND1.84 trillion ($70.67 million). They sold heavily in VCB (VND404 billion or $15.5 million), VIC (VND371.6 billion), VNM (VND240 billion), and ACB (VND207 billion), while net buying FPT (VND343 billion), GAS (VND157.8 billion), and MSN (VND87.35 billion).
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