VN-Index drops below 1,000-point mark amid blue-chip selloffs

Vietnam's benchmark VN-Index fell below the 1,000-point mark to 997.15 in the week-ending session amid strong selloffs in blue chips.

Closing the Friday session, VN-Index, which tracks the Ho Chi Minh Stock Exchange's (HoSE) performance, plunged 22.66 points or 2.22%.

Over 753 million shares changed hands for VND12,909 billion ($519 million). The red color overwhelmed the major bourse, with 410 losers, including 67 hitting their floor prices, and 56 gainers.

VN30-Index, which features 30 largest cap stocks on the HoSE, nosedived 25.88 points or 2.53% to 997.92.

Real estate and construction stocks showed their bad performance during this session, with many hitting their floor prices like NVL of Novaland Group, PDR of Phat Dat Real Estate Development JSC, KDH of Khang Dien House Trading and Investment JSC, DXG of Dat Xanh Group, DIG of Development Investment Construction JSC, CEO of CEO Group SJC, FCN of Fecon Corp, and HBC of Hoa Binh Construction Corporation.

VHM of Vinhomes and VIC of its parent company Vingroup went down 1.1% and 1.5%, respectively.

Among the banking stocks, only CTG of Vietinbank, MBB of MBBank, BID of BIDV bank, and TPB of TienphongBank gained while others suffered a decline ranging from 1.4% to 5.6%.

The securities and steel stocks also closed in the red or hit their floor prices.

Foreign investors were net sellers to the tune of over VND10.86 billion ($436,700), mainly selling HPG of steel giant Hoa Phat, HDB of HDBank, GMD of logistics firm Gemadept, and KBC of Kinh Bac City Development Holding Corporation.

They also net purchased VNM of Vinamilk, DGC of Duc Giang Chemicals Corp, and VHM.

HNX-Index on the Hanoi bourse was down by 6.18 points or 2.93% to 204.56, while the UpCOM-Index on the unlisted public company market dropped 1.4 points or 1.35% to 74.26.