VN-Index rises against real estate stocks sold off

Vietnam’s benchmark VN-Index rose 0.16% to 1,290.01 points on Monday amid a deep plunge in real estate securities.

The market opened the Monday morning in gloom as the index quickly immersed into red owing to high selling pressure in the large-cap group. A spike in bottom-fishing an hour later supported the market to extend the rally.

However, the selling force extended in the afternoon, especially in the real estate group, narrowing the main index’s bullish margin.

Sixteen stocks in the VN30 basket, comprised of 30 largest stocks by market cap and liquidity on the Ho Chi Minh Stock Exchange (HoSE), were in red. This was led by TPB (TPBank) with a margin of 3.6%, followed by other losers like STB, TCB, and NVL.

VN30-Index closed the session at 1,327.04, down 0.36 points. Liquidity reached VND5,881 billion ($253.7 million), accounting for 34.7% of HoSE liquidity.

Small and medium stocks also failed to avoid the loop, with VNSmallCap and VNMidcap down 1.32% and 0.6%, respectively.

VN-Index closed Monday at 1,290.01, up 2.03 points, with 141 stocks gaining and 315 losing. Meanwhile, HNX-Index fell 3.67 points (1.18%) to 306.81, while UpCoM-Index dropped 0.27 points (0.29%) to 93.9.

On the three exchanges, 580 stocks were losers and 350 gainers, with total liquidity reaching VND20,686 billion ($892.4 million), up 22% from last week’s session.

A number of real estate and construction companies were under heavy selling pressure. Of this, DXG, DIG, and HBC were dragged to the floor, followed by other losers like CEO, SCR, L14, FCN, and CII, which fell 5%.

The overwhelming red extended its coverage to other sectors like banking, securities, steel, and seafood, causing the main index to fall short of the 1,300 mark. Stocks in the FLC group also hit the floor.

In the opposite direction, electricity shone with NT2 and PC1 reaching the ceiling price, followed by EMC and GEG, which rose around 4%.

Oil and gas remained bullish trend with BSR jumping by more than 10%, while other stocks like GAS, PVB, OIL, and PGD also exceeded 3%.

Foreign investors were back to net buying to a tone of VND190 billion ($8.2 billion) on HoSE, focusing on DPM (Petrovietnam Fertilizer & Chemicals), BSR (Binh Son Refining), and DCM (Petrovietnam Ca Mau Fertilizer).