VN-Index drops as blue chips plunge to monthly low

By Dat Nguyen   March 8, 2021 | 04:46 pm GMT+7
VN-Index drops as blue chips plunge to monthly low
An investor points at stock prices on the screens at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
Vietnam’s benchmark index slipped 0.04 percent to 1,168.27 points Monday with several blue-chips hitting their lowest prices since early February.

The index started off with a surge to the 1,180 range but fell quickly and fluctuated around 1,170 points throughout the day before ending with a 0.42-point fall. This is the third session in a row that it has closed at 1,168 points.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, rose nearly 4 percent to VND15.58 trillion ($674 million). The bourse saw 274 stocks gain and 183 lose.

The VN30 basket, comprising the 30 largest capped stocks on the HoSE, saw 17 stocks lose, led by MSN of conglomerate Masan Group, down 2 percent and reaching its lowest price in a month.

It was followed by VCB of state-owned lender Vietcombank, and VHM of real estate giant Vinhomes, both down 1.2 percent to reach similar lows.

KDH of real estate firm Khang Dien House fell 1.1 percent, its third losing session in a row. A 3.86-percent loss in upcoming sessions will bring it down to this year’s bottom on February 1.

POW of electricity distributor PetroVietnam Power Corporation bucked the trend with a 5.2 percent gain, followed by GAS of the state-owned PetroVietnam Gas Jsc, up 2.7 percent.

Foreigners were net sellers for the 12th session in a row to the tune of VND1.25 trillion. Strongest selling pressures were seen on POW of electricity distributor PetroVietnam Power Corporation, VNM of dairy giant Vinamilk and HPG of steelmaker Hoa Phat Group.

In contrast to the main index, the HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, gained 1.39 percent, while the UPCoM-Index for stocks on the Unlisted Public Companies Market rose 1.09 percent.

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