VN-Index plunges 55 points on massive sell-offs

Vietnam’s benchmark VN-Index plummeted 55.49 points, or 4.5%, to close at 1,177.99 on Friday on massive sell-offs, marking its sharpest fall since June 13, 2022.

The Ho Chi Minh Stock Exchange (HoSE), represented by the index, saw its trading value skyrocket to VND36.1 trillion ($1.5 billion), up 41.5% from the previous session and the highest level in 19 months.

There are up to 486 losers and only 25 gainers, with more than 1.7 billion shares changing hands. The major exchange witnessed 158 tickers hitting their floor prices, accounting for 30% of the total stocks listed on the bourse.

The VN-30 index, which tracks the performance of 30 largest cap stocks, lost 57.72 points to 1,190.1, with up to 29 tickers declining, including seven hitting their floor prices. VCB of Vietcombank was the only gainer in this group.

VIC of Vingroup exerted the biggest pressure on the market as it suffered the maximum decrease with a liquidity of more than VND1.8 trillion ($75.56 million), the highest on the HoSE.

Two other codes in the "Vingroup family" also sharply fell. VHM of Vinhomes hit its floor price and VRE of Vincom Retail closed down 4.9% from the reference level.

As a silver lining in the stock market’s overall gloomy picture, foreign investors remained net buyers on the HoSE for the second session to the tune of more than VND430 billion ($16.9 million). They mainly net purchased CTG of VietinBank, VHM, VRE and VNM of Vinamilk.

The HNX-Index at the Hanoi Stock Exchange plunged 14.01 points to 235.96, while the UPCoM-Index at the Unlisted Public Companies Market declined 3.47 points to 89.27.