VN-Index loses nearly 28 points on ATC sell-offs

The benchmark VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), plunged 27.95 points, or 2.58%, to 1,054.28 on Wednesday on strong selling pressure in the at-the-close (ATC).

The major bourse saw up to 364 tickers declining and only 60 gaining, with over 814 million shares changing hands for more than VND12.7 trillion ($534.12 million), an increase of 7.4% from the previous session.

The VN30 index, which tracks the performance of 30 large-cap stocks, dropped 29.82 points, or 2.76%, to 1,051.08, with all tickers closing in red.

NVL of real estate developer Novaland hit its floor prices, while many others decreased by more than 5% like TPB of TPBank, VRE of Vincom Retail, GVR of Vietnam Rubber Group, SSI of Saigon Securities, VHM of Vinhomes, PLX of Petrolimex, and PDR of Phat Dat Real Estate Investment Corp.

Major groups like banking, securities, and real estate all sharply fell, especially real estate. Like NVL, KHG of Khai Hoan Land and DXG of Dat Xanh Group suffered the maximum declines.

HQC of Hoang Quan Corp was a rare silver liner in the dark property picture, hitting its ceiling price for the third consecutive session.

Steel, oil and gas, chemical, seaport, cement, fertilizer, garment, seafood and construction all experienced strong corrections.

Meanwhile, the stocks of water companies made impressions, with DNW of Dong Nai Water JSC expanding 4.4%, BWE of Binh Duong Water Environment JSC 0.8%, and TDM of Thu Dau Mot Water JSC 0.4%.

Foreign investors were net sellers for the sixth consecutive session to the tune of nearly VND363 billion ($15.26 million) on the HoSE, the largest level in 23 trading sessions.

They mainly net sold VIC of Vingroup, VHM, DXG, CTG of VietinBank, and STB of Sacombank; while net buying NKG and HSG of steel makers Nam Kim and Hoa Sen, KBC of Kinhbac City Development Holding Corp, FRT of FPT Retail, and FUEVFVND certificate.

The HNX-Index on the Hanoi bourse dropped 4.12 points to 209.96, while the UpCOM-Index on the unlisted public company market went down 0.73 points to 77.45.