VN-Index drops to 2-week low

Vietnam's stock market sank into the red on Friday amid heavy selling pressure, with VN-Index losing 31 points to close at 1,329.26, its lowest level in two weeks.

The U.S. stock market's negative volatility due to rate hike concerns heavily affected domestic investor sentiment, analysts said. The Federal Reserve on Wednesday announced its biggest interest rate hike in more than two decades as it intensifies its fight against fast rising prices.

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 due to the plummet of large-cap stocks.

A total 28 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), plunged into the red. SSI (SSI Securities) led the pack with a 6.9% decline, followed by other blue chips like STB (Sacombank), GVR (Vietnam Rubber Group), HDB (HDBank), FPT (FPT Corporation), VPB (VPBank), PLX (Petrolimex), and MBB (Military Bank). In the opposite direction, GAS rose slightly by 0.4%.

VN30-Index went down 31.67 point to 1,373.21, with liquidity reaching $285 million, accounting for 38.4% of the HoSE liquidity. Small and medium-sized stocks were also under strong selling pressure, with VNSmallCap and VNMidcap dropping 3.35% and 3.04%, respectively.

Vn-Index closed the session on Friday at 1,329.26 points, down 31.42 points. As many as 394 stocks were losers (46 hit the floor) and only 59 gainers. HNX-Index fell by 15.29 points (4.26%) to 343.46 points, while the UpCOM-Index dropped 1.94 points (1.87%) to 101.88 points.

On the three exchanges, 877 stocks were losers (88 hit the floor) and 223 gainers. Total liquidity remained low at $940 million.

Despite the market’s overwhelming red coverage, seafood stocks like VHC, KHS, ACL, CMX, ABT, and IDI simultaneously increased, with ANV up to the price ceiling.

HSG (steel maker Hoa Sen Group) jumped to the price ceiling at one point, recording a 5.5% increase at the end of the session. Insurance stocks like MIG (Military Insurance Company), PVI (Petrovietnam Insurance JSC), and PGI (PG Insurance) also rallied.

Foreign investors recorded $2.11 million in net selling, focusing on stocks like VCB (Vietcombank), KBC (Kinh Bac City), NVL (Novaland), and VIC (Vingroup).