VN-Index drops almost 500 points in 9 months

Vietnam’s benchmark VN-Index fell 3.4% to 1,036 points Friday after broad selloffs, losing 492 points compared with this year’s peak in early January.

Many banking tickers on the Ho Chi Minh Stock Exchange (HoSE) hit their floor prices, including CTG, TCB, VPB, TPB, STB, MSB and LPB of Vietinbank, Techcombank, VPBank, Sacombank, MSBank and LienVietPost Bank, respectively.

The bearish market also saw significant drops of VCB (Vietcombank), BID (BIDV), MBB (MBBank), ACB (Asia Commercial Bank) and OCB (Orient Commercial Bank) shares.

However, EIB of Eximbank bucked the trend, going up 0.68%.

The stocks of many securities brokers also dropped, including VND (VNDirect), HSC (HCMC Securities Corporation), VIX (VIX), FTS (FPT Securities), ORS (Tien Phong Securities), CTS (Vietinbank Securities) and BSI (BIDV Securities).

In the group of property developers, VHM and VIC of Vinhomes and its parent company Vingroup went up 0.37% and 0.17%, respectively, but many others went down.

In the industrial sector, SAB, TLG, and PTB of beer brewery Sabeco, Thien Long Group and Phu Tai JSC went into the green, while many others remained in the red.

In the energy group, POW of Petrovietnam Power Corp hit its floor price, GAS of Petrovietnam Gas, PGV of Power Generation JSC 3, and Petrolimex’s PLX dropped 4.58%, 0.85% and 1.24%, respectively.

Among the 440 stocks that dropped, 126 hit their floor prices. Fifty-two stocks recorded gains and 31 went flat.