VN-Index falls for third straight session

By Hung Le   February 18, 2020 | 05:47 am PT
VN-Index falls for third straight session
An investor looks at the price boards at a Vietnamese securities firm. Photo by VnExpress/Huu Khoa.
The VN-Index dropped 0.73 percent to 927.93 points Tuesday, its third losing session in a row.

The Ho Chi Minh Stock Exchange (HoSE), Vietnam’s main bourse on which the VN-Index is based, saw 175 stocks lose and 162 gain.

The VN30-Index for the bourse’s 30 biggest market caps also shed 0.53 percent, on which 16 tickers fell and 10 rose.

ROS of real estate developer FLC Faros led losses for the third consecutive session with a 6.9 percent fall, its floor price, after five sessions of leading gains on the HoSE.

It was followed by SAB of Vietnam’s biggest brewer Sabeco, which plunged 4.2 percent. 

VIC of Vingroup, Vietnam’s biggest private conglomerate and also the biggest market cap stock on HoSE, saw its third major losing session, shedding 3.2 percent.

Prior to the last three sessions, VIC was one of the most stable stocks on the VN30, seldom gaining or losing over 0.3 percent per session in the past quarter.

Stocks of Vingroup’s two subsidiaries, VRE of retail arm Vincom Retail, and VHM of real estate arm Vinhomes, fell 2.7 percent and 0.8 percent respectively.

Most stocks of mid-sized banks on the VN30 dropped this session, with MBB of state-owned Military Bank losing 0.9 percent, STB of Sacombank, 0.9 percent, TCB of Techcombank, 0.4 percent, and HDB of HDBank, 0.3 percent.

There were no gainers in the oil and gas industry either. GAS of energy firm PetroVietnam Gas fell 1.5 percent, PLX of petroleum distributor Petrolimex dropped 0.6 percent, and POW of Vietnam’s second-biggest electricity generator PetroVietnam Power kept its opening price.

GAS of energy firm PetroVietnam Gas, which fell 1.4 percent, was followed by POW of Vietnam’s second-biggest electricity generator PetroVietnam Power, down 0.5 percent, and PLX of petroleum distributor Petrolimex, which kept its opening price.

In the other direction, FPT of IT services giant FPT led gains, surging 3.3 percent, followed by CTD of construction giant Coteccons, up 2.9 percent. CTD has posted gains in eight of the last ten sessions.

Vietnam’s three biggest state-owned banks by assets were among the gainers. BID of BIDV rose one percent, CTG of VietinBank 0.6 percent, while VCB of Vietcombank kept its opening price.

PNJ of Phu Nhuan Jewelry and SBT of major sugar producer TTC Sugar were also big gainers this session, up 1.6 percent and 1.9 percent respectively.

Meanwhile, the HNX-Index for stocks on Hanoi Stock Exchange, Vietnam’s second main bourse for small and midcap stocks, rose 0.46 percent, while the UPCoM-Index for unlisted public companies added 0.3 percent.

Foreign investors were net sellers for the sixth consecutive session on all three bourses, with a net sell of VND309 billion ($13.29 million). Selling pressure was mostly focused on VIC of Vingroup, CTG of VietinBank, and NVL of real estate developer Novaland.

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