VN-Index plunges 96 points this week
Vietnam’s benchmark VN-Index closed this week at 1,036 points amid a bearish market, 96 points lower than the end of last week.
Large caps like VCB, MSN, BID, HPG, and TCB of Vietcombank, Masan, BIDV, Hoa Phat Group, and Techcombank have made the most negative impacts this week.
In the opposite direction, VHM of Vinhomes and VIC of its parent company Vingroup had the most positive influences as the duo contributed almost nine points to the index, which represents the Ho Chi Minh Stock Exchange (HoSE).
The group of banking stocks dropped 11.8% in value, pressing the market down. VCB of Vietcombank went down 8.9% against last week, CTG of Vietinbank down 14%, BID of BIDV down 13.9%, TCB of Techcombank decreased by 16.2%.
However, Eximbank’s EIB bucked the trend, increasing by 8.77%.
Foreign investors continued to be net sellers on both HoSE and the Hanoi Stock Exchange (HNX). On top of this investing group’s net selling list was HPG (33 million shares net sold), followed by STB of Sacombank (20.2 million shares) and DXG of Dat Xanh Group with 7.7 million shares.
On the contrary, FUEVFVND of the exchange-traded fund DCVFMVN Diamond was the most net bought, with 7.6 million fund certificates.

Securities firms forecast the market would continue the downtrend. Photo by The Investor/Gia Huy.
Commenting on this week’s changes, broker Saigon-Hanoi Securities (SHS) says this downtrend and market sentiment are quite similar to those in the week in March 2020 with the deepest declines.
Therefore, it is expected that the Vietnamese stock market would gradually diversify, and risk-off withdrawals would ease over the next one or two weeks, with the index in the range of 1,000-1,030 points, which was the support area of the price peak in 2019.
Vietcombank Securities (VCBS) forecast that the VN-Index, which was already below 1,050 points this week, may keep going down. The brokers say the index is heading toward the area around 995 points. In a worse situation, the area of 900 points should be taken into account. VCBS recommends investors not rapidly catch the bottom.
From a cautious perspective, BIDV Securities has two scenarios for the index this month - increasing to 1,180 points or falling to 1,000 points.
Meanwhile, the analysis team of Saigon Securities Inc. Research believes that the movement of the index in October will be determined by the important observation area of 1,100 points. If it can maintain stability above this zone, it is likely that VN-Index will form a recovery span with a target area of 1,142 - 1,150 points, which was July’s short-term bottom. On the contrary, if below 1,100 points, the index may find a balance point and recover from the hard support background of 1,025 – 1,000 points.
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