VN-Index loses 10 points on real estate stock plunge

Vietnam’s benchmark VN-Index dropped 9.78 points, or 0.79%, to close at 1,233.48 on Thursday due to the sharp fall of real estate stocks, especially three tickers of the Vingroup ecosystem.

The trading value on the Ho Chi Minh Stock Exchange (HoSE), represented by the index, soared 22% from the previous session to VND25.5 trillion ($1.07 billion). Cash flows mainly ran into finance, real estate and industry groups.

The major bourse saw up to 320 losers and 150 gainers, with more than 1.1 billion shares changing hands.

The VN-30 index, which tracks the performance of 30 largest cap stocks, lost 9.13 points to 1,247.82, with up to 19 tickers declining.

The real estate group was the main force dragging down the benchmark index as almost all stocks went down, especially the Vingroup trio of VIC (Vingroup), VHM (Vinhomes) and VRE (Vincom Retail) losing 4.89%, 3.02% and 2.86% respectively. VIC alone stole 3.7 points from the VN-Index.

The movement came after the shares of VinFast, the electric vehicle (EV) maker of Vingroup, closed the second session on Nasdaq Wednesday at $30.11, down 19% from the debut day, with more than three million shares changing hands.

Banking and aviation stocks also closed in the red, while manufacturing, energy and retail saw a divergence.

Securities stocks showed positive performance despite the general market's plunge. SSI of Saigon Securities increased 3.81%, VND of VNDirect Securities 0.94%, VCI of Viet Capital Securities 0.47%, HCM of HCMC Securities 0.66%, FTS of FPT Securities 1.85%, AGR of Agribank Securities 1.23 %, and VDS of Viet Dragon Securities 2.86%.

The sudden increase was believed to be related to the upcoming launch of a new trading system provided by the Korea Exchange (KRX),.

Foreign investors turned net buyers on the HoSE after five consecutive net-selling sessions to the tune of nearly VND110 billion ($4.6 million). They mainly net purchased CTG of VietinBank, VIC, and HPG of steel giant Hoa Phat.

The HNX-Index at the Hanoi Stock Exchange went down 2.59 points to 249.97, while the UPCoM-Index at the Unlisted Public Companies Market declined 0.93 points to 92.74.