VN-Index drops 20 points on massive sell-offs

Vietnam’s benchmark VN-Index opened the new week in the red color on strong sell-offs, falling 19.97 points or 1.88% to 1,032.07.

The index tracks the performance of the Ho Chi Minh Stock Exchange (HoSE), which saw 286 losers and 158 gainers on the day.

More than 909 million shares changed hands for over VND16.4 trillion ($691.8 million).

Blue chips had the most negative impacts on the market as the VN30-Index plunged 27.66 points or 2.6% to 1,037.42.

Of these, VIC of Vingroup and KDH of Khang Dien Holding Corp. hit their floor prices. Many other tickers in the VN30 basket saw a drop of over 4%, including VHM of Vinhomes, VRE of Vincom Retail, PDR of Phat Dat Real Estate Development Corp., SSI of Saigon Securities, and STB of Sacombank.

In contrast, NVL of Novaland made an impression as it hit the ceiling price after five consecutive floor price-hitting sessions.

The real estate group had a poor performing session with many stocks hitting their floor prices like CEO of CEO Group, DXG of Dat Xanh Group, L14 of Licogi 14, and DIG of DIG Corp.

The securities and steel tickers were also in the same situation, with VND of VNDirect Securities, and HSG of Hoa Sen Group suffering the maximum declines.

The red color also overwhelmed other groups like industrial real estate, garment, and coal.

On the other side, expectations of China’s economy reopening after the pandemic made seafood stocks go up, with ANV of An Viet JSC hitting its celling price, while ACL of CL-Fish Corp, FMC of Sao Ta Foods, VHC of Vinh Hoan Corp, and CMX of Camimex Group expanding 5.3%, 1.9%, 1.6% and 1.3%, respectively.

The transport and chemical groups also had positive impacts on the market.

Foreign investors were net buyers for the 16th consecutive session to the tune of over VND330 billion ($13.92 million) on the HoSE.

They mainly net bought DGC of Duc Giang Chemicals Corp., SHB of Saigon-Hanoi Bank, FRT of FPT Retail, MSN of Masan Group and STB; while net selling VNM of Vinamilk, VRE, VHM, KDH and HPG of steel giant Hoa Phat.

The HNX-Index on the Hanoi bourse went up 6.47 points or 2.98% to 210.53, while the UpCOM-Index on the unlisted public company market slight fell 0.1 points or 0.14% to 71.5.