VN-Index dives to nine-month low

By Nhat Huynh
Mon, May 9, 2022 | 6:28 pm GMT+7
The Vietnamese bourses remained in the red as selling forces increased on a large scale. Photo by The Investor/Trong Hieu.

The Vietnamese bourses remained in the red as selling forces increased on a large scale. Photo by The Investor/Trong Hieu.

The Vietnamese stock market plunged deep on Monday, with VN-Index losing nearly 60 points to close at 1,269.62.

A series of stocks fell below the reference price in the early morning, quickly driving the market into the red. The drop was extended into the afternoon with the VN-Index once sinking to 1,265.54 points, its lowest level in nine months as the selling force increased on a large scale.

All 30 stocks in the VN30 basket, which tracks the price of leading stocks in terms of market cap and liquidity on the Ho Chi Minh Stock Exchange (HoSE), were in the red, of which 13 fell to the floor, including TCB, PLX, MWG, PNJ, KDH, SSI, GVR, BVH, BID, VPB, STB, CTG, and POW. This was followed by a series of blue chips that fell by more than 5% like MBB, FPT, TPB, VRE, GAS, and HPG.

This movement pulled VN30-Index down 59.17 points to 1,314.04 points. Liquidity reached VND8,682 billion ($378 million), accounting for 46.2% of the HoSE liquidity.

Small and medium stocks were also under strong selling pressure with VNSmallCap and VNMidcap down 5.92% and 5.45%, respectively.

VN-Index closed the session on Monday at 1,269.62 points, down 59.64 points, with 445 losers (221 stocks hit the floor) and only 27 gainers. HNX-Index decreased by 20.07 points (5.84%) to 323.39 points, while UpCoM-Index decreased by 5.38 points (5.28%) to 96.5 points.

On the three exchanges, 943 stocks were losers (356 stocks hit the floor) and 121 gainers, with total transaction value at VND21,765 billion ($948 million), up 12.9% from last Friday.

NVB (National Citizen Joint Stock Bank) gained 2.4%, while other banking stocks dropped or even hit the floor like LPB, CTG, STB, VPB, BID, and TCB.

Most securities stocks closed at the floor price like VND, SSI, HCM, MBS, VCI, AGR, ORS, APS, and SHS.

Real estate stocks also hit the floor, including CEO, L14, HDG, KHG, DIG, and G36. This was followed by construction stocks like CII, HBC, PC1, FCN, CTF, C4G, and PHC. Blue chips such as VHM (Vinhomes), VIC (Vingroup), and NVL (Novaland) witnessed a drop of more than 2%.

Other stocks like oil and gas, steel, coal, logistics, cement, seafood, and insurance also failed to avoid the loop.

Foreign investors remained a net buyer to the tone of VND575 billion ($25 million) on HoSE, focusing on VHM (Vinhomes), HPG (Hoa Phat Group), GMD (Gemadept), and VRE (Vincom Retail).

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