VN-Index down for sixth consecutive session

The VN-Index has dropped 46.17 points, or 5.3 percent, over the last six sessions. This has been the most drawn out losing streak this year, although it is not the biggest in terms of points lost, compared to when it tumbled 43.14 points in just one trading day on March 23 as investors panic-sold stocks at the height of the Covid-19 pandemic.

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw 237 stocks lose and 138 gain. Tuesday was another cautious session with trading volume at VND4.95 trillion ($212.44 million), a below-average trading day for the month.

The VN30-Index for the stock market’s 30 biggest capped stocks fell 0.55 percent, with 22 tickers losing and 5 gaining.

Leading losses was SBT of agricultural firm TTC-Sugar, which plunged 4 percent. In the same industry group, SAB of major brewery Sabeco and MSN of food conglomerate Masan Group fell 2.2 percent and 1.8 percent respectively.

Other major losers included private VPBank, down 2.6 percent, VRE of mall operator Vincom Retail, down 2.4 percent, and STB of private Sacombank, with 1.8 percent.

Of Vietnam’s three biggest state-owned lenders by assets, BID of BIDV and CTG of VietinBank both shed 1.6 percent, while VCB of Vietcombank fell 1.5 percent. MBB of mid-sized lender Military Bank lost 1.5 percent this session.

In oil and gas, GAS of energy giant PetroVietnam Gas and POW of electricity generator PetroVietnam Power both tumbled 1 percent, while PLX of petroleum distributor Petrolimex kept its opening price.

All but one blue chip in real estate and construction ended in the red. NVL of real estate developer Novaland fell 1.1 percent, ROS of real estate developer FLC Faros, 0.7 percent and CTD of construction giant Coteccons, 0.6 percent. VHM of real estate developer Vinhomes bucked the trend, topping gains on the VN30 with 2 percent.

VIC of private conglomerate Vingroup, the bourse’s biggest capped ticker, and the parent company of both VHM and VRE, kept its opening price.

Other gaining tickers included VJC of budget carrier Vietjet Air, up 1.1 percent, VNM of dairy giant Vinamilk, up 0.7 percent, HPG of leading steelmaker Hoa Phat Group, up 0.6 percent, and HDB of private HDBank, up 0.4 percent.

Meanwhile, the HNX-Index for stocks on the Hanoi Stock Exchange, Vietnam’s second main bourse for small and midcap stocks, shed 0.51 percent, but the UPCoM-Index for unlisted public companies edged up 0.02 percent.

Foreign investors were net sellers again to the tune of nearly VND37 billion ($1.59 million) on all three bourses. Selling pressure was focused on VCB of Vietcombank and VRE of Vincom Retail.