VN-Index records deepest fall since early October

Vietnam’s benchmark VN-Index experienced the deepest plunge since early October on Thursday, with 447 stocks declining, including 170 hitting their floor prices.

The VN-Index, which tracks the performance of the Ho Chi Minh Stock Exchange (HoSE), could not extend its gaining streak to the third consecutive session.

It dropped sharply right after the opening and even lost nearly 50 points at a time. Closing the Thursday session, the major index plunged 38.35 points or 3.89% to 947.24, marking its lowest level since November 6, 2020.

The red color covered the market with 447 stocks closing below the reference levels, over 20 times higher than the number of gainers, 21.

The HCMC bourse saw nearly 700 million shares changing hands, up from 583 million Wednesday, with a trading value of VND10,832 billion ($435.6 million).

In the VN30 basket, which features 30 largest-cap stocks, only SAB of brewer Sabeco remained unchanged from the previous session, while the rest all nosedived.

Real estate stocks were under the strongest selling pressure, with all falling below the reference levels. Notably, the two pillars, NVL of Novaland Group and PDR of Phat Dat Real Estate Development JSC, continued to hit their floor prices with 30 million and 48 million shares waiting for buyers, respectively.

The banking group was also massively sold off by domestic investors. CTG, EIB, VPB, MSB, MBB, STB, SHB and LPB of Vietinbank, Eximbank, VPBank, Maritime Bank, Military Bank, Sacombank, Saigon-Hanoi Commercial Joint Stock Bank and LienVietPostBank, respectively, all hit their floor prices. Steel and securities tickers were also in the same situation.

Foreign investors remained net buyers for the fourth consecutive session to the tune of VND20 billion ($804,260), mainly purchasing TCB of Techcombank, PNJ of Phu Nhuan Jewelry JSC, FPT of FPT Corp and FUEVFVND of ETF DCVFMVN Diamond.

The HNX-Index on the Hanoi bourse was up 9 points or 4.47% to 192.39, while the UpCOM-Index on the unlisted public company market decreased 3.4 points or 4.71% to 68.80.