VN-Index plunges 11 points in third consecutive losing session

Vietnam’s benchmark VN-Index on Friday lost 11.41 points, or 1.07%, to 1,052.89 on the further plunge of real estate stocks, marking its third consecutive losing session.

The Ho Chi Minh Stock Exchange (HoSE), represented by the index, saw up to 303 losers and 95 gainers. More than 786 million shares changed hands for about VND13.3 trillion ($567.3 million), up nearly VND2 trillion from the previous session.

The VN30 index, which tracks the performance of the 30 largest-cap stocks, dropped 11.24 points to 1,063.43.

The real estate group continued to be the main reason for the VN-Index drop, with many stocks hitting their floor prices, including KBC of Kinhbac City Development Holding Corp., DIG of DIG Corp., NLG of Nam Long Group, SCR of Saigon Thuong Tin Real Estate Corp., and HDC of Ha Do Corp.

NVL of Novaland lost 2.07%, KDH of Khang Dien Holding 3.87%, VCG of Vinaconex 2.01%, PDR of Phat Dat Real Estate, and CEO of CEO Group 7.23%.

Red also overwhelmed many other groups like banking, securities, energy, retail, and aviation.

Stocks of manufacturing companies saw a divergence. Green covered DHG of DHG Pharma, VHC of Vinh Hoan Corp., HSG of steel maker Hoa Sen, and PAN of PAN Group; while GVR of Vietnam Rubber Group, GEX of Gelex Group, PHR of Phuoc Hoa Rubber, DPM of Petrovietnam Fertilizer & Chemicals Corporation, and DCM of Petrovietnam Ca Mau Fertilizer closed below their reference levels.

Foreign investors were net sellers for the seventh consecutive session on the HoSE to the tune of over VND216 billion ($9.2 million), a drop of 27.6% from the previous session. They mainly net sold VND of VNDirect Securities, STB of Sacombank, and VNM of Vinamilk.

The HNX-Index on the Hanoi bourse fell 2.59 points to 207.25, while the UpCOM-Index on the unlisted public company market fell 0.66 points to 78.69.