VN-Index dives in a year low

The Vietnamese stock market saw a downturn on Thursday, with VN-Index losing more than 62 points to close at 1,238.84, a year low.

Despite the momentum gained in the previous two consecutive sessions, investors were concerned about the ongoing loss in liquidity. As a result, the market quickly plummeted to nearly 1,280 points after one hour of trading.

The selling force was extended on a large scale into the afternoon, sending several blue-chip stocks to the floor.

Twenty nine stocks in the VN30 basket, which tracks the price of 30 leading stocks in terms of market cap and liquidity on the Ho Chi Minh Stock Exchange (HoSE), were in the red, of which 11 fell to the floor, including PLX, MSN, BID, TCB, VRE, GVR, VPB, SSI, BVH, POW, and STB. The only gainer was SAB (Sabeco) with a slight increase of 0.9%.

This movement pulled VN30-Index down 70.06 points to 1,279.76, with transaction value reaching VND7,308 billion ($316.8 million), equivalent to 46% of the HoSE figure.

Small and medium-sized stocks also failed to avoid the loop with VNSmallCap and VNMidcap down by 5.34% and 5.31% respectively.

VN-Index closed the session on Thursday at 1,238.84, down 62.69 points, with 424 losers (163 stocks hitting the floor) and only 39 gainers. HNX-Index fell 17.52 points (5.26%) to 315.52, while UpCoM-Index dropped 2.32 points (2.38%) to 96.44.

On the three exchanges, 858 stocks were losers (221 stocks hit the floor) and 155 gainers, with total transaction value at VND18,006 billion ($780.5 million), up 38% from the previous session.

Many groups saw stocks hitting the floor, including banking stocks like TCB, VPB, BID, VIB, STB, and LPB; and securities stocks like SSI, VND, AGR, APG, VCI, HCM, and VIX.

The blue coverage also expanded to real estate stocks like VRE, CEO, L14, IJC, DXG, DIG, and DXS; or construction stocks such as HBC, SCG, PC1, VCG, CTD, and DPG.

Other groups were under strong selling pressure with red the overwhelming color include oil and gas, coal, steel, agriculture, fertilizer, cement, and seafood.

Foreign investors recorded VND93 billion ($4 million) in net selling on HoSE, focusing on HPG (Hoa Phat Group), VIC (Vingroup), and VCB (Vietcombank).