VN-Index plunges 18 points on skyrocketing selling pressure

Vietnam’s benchmark VN-Index lost 17.85 points, or 1.44%, to 1,223.63 on Monday amid soaring selling pressure.

The trading value on the Ho Chi Minh Stock Exchange (HoSE), represented by the index, rose by VND6.6 trillion ($274 million) from the previous session last Friday to over VND32 trillion ($1.33 billion), the highest level in more than three weeks.

Cash flow mainly ran into the three main groups of real estate, financial services and banking.

The red overwhelmed the market, with up to 446 tickers declining and only 85 gaining on the major bourse.

The VN-30 Index, which tracks the performance of the 30 largest cap stocks, plummeted 18.43 points to 1,230.71, with up to 26 losing.

Among the blue chips, SAB of brewer Sacombank had the most positive impact, expanding more than 4%, followed by PLX of Petrolimex, up 1%.

Meanwhile, GVR of Vietnam Rubber Group fell over 4%; VRE of Vincom Retail and SHB of Saigon-Hanoi Bank over 3%; VHM of real estate developer Vinhomes, STB of Sacombank, MSN of Masan Group, HPG of steel maker Hoa Phat, VJC of low-cost carrier Vietjet Air, and TPB of TPBank more than 2%.

The real estate group experienced massive sell-offs. NVL of Novaland was the stock with the highest liquidity on the HoSE with more than VND1.5 trillion ($63.28 million). This code hit its floor price at VND20,500 ($0.85). Some other losers in the group were DXS of Dat Xanh Services, DIG of DIG Corp, and HQC of Hoang Quan Group.

Foreign investors were net seller on the HoSE to the tune of over VND1 trillion ($41.52 million), the highest since July 7.

The HNX-Index on the Hanoi Stock Exchange, where mid and small caps list, dropped 1.9% to 251.33 points, while the UPCoM-Index on the Unlisted Public Companies Market lost 1.07% to 93.71.