Vingroup hinders VN-Index gain, foreign investors net sell $88 mln in last trading week
VIC of private conglomerate Vingroup was the main force dragging down Vietnam’s benchmark VN-Index in the last trading week as it slid for three consecutive sessions with a large trading value.
The Vietnamese stock market saw a sharp decline during September 11-15 from the previous week.
The caution of investors at the old peak area caused the market to lose steam and plunge to the 1,220-point territory, which later recovered to the resistance level of 1,250 points with falling transaction value.
At the week-ending session, despite strong selling pressure, the VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), still closed up 3.5 points. Ending the week, the main index stopped at 1,227.36 points, down 1.14% from the previous week.

The VN-Index closed the September 11-15, 2023 week at 1,227.36 points, down 1.14% from the previous week. Photo courtesy of VietnamFinance.
VIC, CTG of VietinBank, and MWG of Mobile World Investment Corp. had the most negative impact on the market. VIC lost 9.3% and took away more than 1.7 points from the VN-Index.
On the contrary, GAS of PV Gas, VHM of Vingroup’s real estate arm Vinhomes, and VCB of Vietcombank were the most positive influencers. GAS alone contributed nearly 1.8 points to the index.
The trading value on the HoSE in the week reached over VND133.2 trillion ($5.49 billion), up 9.2% from the previous week, while the trading volume rose 7.3%, averaging more than 1 billion shares per session.
Foreign investors recorded the third consecutive week of net selling to the tune of VND2.14 trillion ($88.2 million), focusing on steel, banking, financial services, and securities stocks.
Although the VN-Index was under correction pressure, there were many stock groups recording positive developments. Notably, the oil and gas group saw many codes increase strongly like CNG of CNG Vietnam JSC (11.76%), PVT of PVTrans (9.59%), PVB of Petrovietnam Coating JSC (8.92%), GAS of PV Gas (7.24%), OIL of PV Oil (6.42%), and PVS of Petrovietnam Technical Services Corporation (6.2%).
The securities group also performed well, with MBS of MBBank Securities, up 11.43%, BSI of BIDV Securities 11.2%, AGR of Agribank Securities 8.76%, TVS of Thien Viet Securities 5.7%, and SSI of Saigon Securities 5.19%.
Meanwhile, the real estate group was the worst performer as most stocks were under strong selling pressure, including VIC (-9.31%), L14 of Licogi 14 (-10.14%), LDG of LDG Investment (-9.23%), TDC of Binh Duong Trade And Development JSC (-7.95%), NLG of Nam Long Group (-7.63%), DIG of DIG Corp. (-7.42%).
Saigon-Hanoi Securities (SHS) believes that the week's correction was necessary to prepare for the next attempt to overcome the resistance level.
Short-term investors should be cautious during the ongoing shaking period, while in the medium and long term, investors can take advantage of corrections to increase their stock proportion, the broker noted.
“They should choose leading tickers with good fundamentals and stable growth potential that are moving in the current accumulation state,” it advised.
Vietcombank Securities (VCBS) predicted that in the short term, the market will continue to have fluctuations in a narrow range. Investors should remain cautious, take advantage of recovery sessions to sell stocks that are weaker than the VN-Index, limit new purchases, and maintain a stock proportion of only 30-40% to maximize short-term risk management.
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