VN-Index downturn continues

By Hung Le March 16, 2020 | 04:32 am PT

An investor looks at stock boards at a securities company in Hanoi. Photo by Reuters/Kham.

The VN-Index fell 1.83 percent in its fourth consecutive losing session, closing at 747.86 points Monday, its lowest since early June 2017.

239 stocks lost and 133 gained on the Ho Chi Minh Stock Exchange (HoSE), Vietnam’s main bourse on which VN-Index is based, with 29 hitting their floor prices, the lowest they could go in a single session.

Order matched transactions also fell from VND4.27 trillion ($185.18 million) last Friday to VND3.13 trillion ($135.74 million) Monday, more in line with average trading levels last month, which was VND2.77 trillion ($120.1 million) per session.

The VN30-Index for the stock market’s 30 biggest caps plunged further at 2.58 percent, with 24 tickers losing and four gaining. Only three stocks hit their floor prices this session.

PNJ of jewelry retailer Phu Nhuan Jewelry led losses with 7 percent, followed by agricultural firm TTC-Sugar, and private lender VPBank with 6.9 percent each.

Vietnam’s three biggest state-owned banks by assets were also some of the biggest losers on the market, with CTG of VietinBank dropping 6.6 percent, BID of BIDV 6.3 percent, and VCB of Vietcombank 5.5 percent.

Private banks fared no better, with all of their stocks in the red. HDB of HDBank, TCB of Techcombank and STB of Sacombank fell 5.7 percent, 4.4 percent and 3.9 percent respectively.

In the construction sector, ROS of real estate developer FLC Faros topped losses with 6.6 percent, followed by CTD of construction giant Coteccons, 5.7 percent, VNL of real estate developer Novaland 2.6 percent, and VHM of real estate developer Vinhomes 0.3 percent.

VIC of private conglomerate Vingroup, the bourses’ biggest market cap, kept its opening price this session.

In the opposite direction, SAB of Vietnam’s biggest brewer Sabeco led gains with 4.2 percent, followed by two stocks in oil and gas, GAS of state-owned energy giant PetroVietnam GAS, up 4 percent, and PLX of petroleum distributor Petrolimex, 1.8 percent.

HPG of leading steelmaker Hoa Phat Group was the last stock that gained, adding 0.3 percent this session.

The HNX-Index for stocks on Hanoi Stock Exchange, Vietnam’s second main bourse for small and midcap stocks, shed 0.74 percent, and the UPCoM-Index for unlisted public companies lost 0.67 percent.

Foreign investors were net sellers for the 25th consecutive session on all three bourses, with a net sell value of VND420 billion ($18.2 million).