VN-Index drops to 22-month low

Vietnam’s benchmark VN-Index closed Tuesday at almost 1,006 points, the lowest since December 2020, amid market downtrend.

The index, which represents the Ho Chi Minh Stock Exchange (HoSE), fell under the 1,000-point milestone at a time Tuesday due to continued selloffs, but gradually recovered a little in the afternoon to return to 1,006, about 243 points lower from a month-earlier period, equal to a 19.5% decrease.

Foreign investors pursued selloffs in the morning, but reversed when seeing deep declines later. At the end of the day, they became net buyers, with spending focused on large caps that are facing high correction pressure.

On the HoSE, 46 stocks gained, 37 stood flat at the reference price, and 435 decreased, including 134 stocks hitting their floor prices.

The VN30 basket, comprised of the 30 largest capped stocks, fell to 987 points at a time but returned to almost 1,002 at the end of the day.

Some markets in Asia also decreased Tuesday, including Japan’s Nikkei Index and South Korea’s KOSPI Composite Index.