VN-Index records sharpest fall in 2 months

By Minh Hue
Thu, October 26, 2023 | 6:05 pm GMT+7

Vietnam's benchmark VN-Index on Thursday fell 46.21 points, or 4.19%, to 1,055.45, marking its strongest fall since August 18.

The main index, which represents the Ho Chi Minh Stock Exchange (HoSE), hit its lowest level since May.

The trading value on the major bourse skyrocketed to over VND23.2 trillion ($942.9 million), twice the previous session’s figure and the highest in the past month.

Up to 505 stocks, or 90% of the total tickers on the HoSE, went down, with 114 hitting their floor prices.

The VN-Index on Thursday fell 46.21 points to 1,055.45 on October 26, 2023. Photo courtesy of Viet Bao (Vietnamese newspaper).

The VN-Index on Thursday fell 46.21 points to 1,055.45 on October 26, 2023. Photo courtesy of Viet Bao (Vietnamese newspaper).

The VN-30 index, featuring 30 largest capped stocks, plunged 48.37 points, or 4.34%, to 1,064.95, with all tickers falling, including six suffering the maximum decline. They were VIC of conglomerate Vingroup, VHM and VRE of its two subsidiaries Vinhomes and Vincom Retail, GVR of Vietnam Rubber Group, PLX of Petrolimex, and MSN of Masan Group.

The plunge of the stocks in the Vingroup ecosystem was attributed to the group’s completion of a sale of $250 million international bonds, which allows investors to exchange for Vinhomes shares owned by Vingroup. The bonds are set to mature in 2028.

Some foreign investors sold their Vinhomes shares as part of their strategy to limit risks, known as hedging.

The securities, oil and gas, chemicals and real estate groups had the most negative impact on the VN-Index.

Foreign investors were net sellers for the third consecutive session on the HoSE to the tune of VND100 billion ($4.06 million), They mainly net sold VHM, SSI of Saigon Securities, VIC and MSN.

The HNX-Index on the Hanoi Stock Exchange, home to mid and small caps, fell 5.3% to 214.98 points, while the UPCoM-Index for the Unlisted Public Companies Market dropped 3.52% to 82.79 points.

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