VN-Index dips as banking stocks tumble

By Dat Nguyen   April 8, 2021 | 01:08 am PT
VN-Index dips as banking stocks tumble
An investor looks at stock prices on a smartphone at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
Vietnam’s benchmark VN-Index fell 0.6 percent to 1,234.89 points Thursday, ending a chain of eight gaining sessions, with two banks leading the blue-chip decline.

The index dropped to around 1,233 points in the morning and fluctuated in the afternoon before ending with a 7-point decrease.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, fell 12 percent to VND14.5 trillion ($627 million).

The VN30 basket, comprising the 30 largest capped stocks, saw 20 tickers in the green, led by MBB of Military Bank and VCB of state-owned lender Vietcombank, both down 1.9 percent. Both tickers together pulled VN-Index down by 2.3 points.

VIC of biggest conglomerate Vingroup ended 11 gaining and unchanging sessions with a 1.8 percent drop.

This is its biggest loss in a day in two months. The ticker was the biggest contributor to VN-Index’s decrease, dragging it down by 2.1 points.

BID of state-owned lender BIDV and BVH of insurance company Bao Viet Holdings both fell 1.6 percent.

On the winning side, KDH of real estate firm Khang Dien House rose 1.8 percent, while HDB of HDBank upped 1.1 percent.

Foreign investors were net sellers for the third sessions in a row to the tune of VND12.8 billion, with strongest pressure on BID, VNM of dairy giant Vinamilk and KDH.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.31 percent, while the UPCoM-Index for the Unlisted Public Companies Market gained 0.62 percent.

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