VN-Index plunges steepest in 10 weeks

The index stayed in the green with a near 2-point gain in the first 45 minutes of trading, showing signs of overload before dipping to around 1,347.

It closed with a 15-point drop, the biggest fall in a day since April 26.

Most stock brokerages have projected several corrections this week as the index approaches the unprecedented 1,400 level.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, fell 7.6 percent to VND28.92 trillion ($1.26 billion).

The VN30 basket, comprising the 30 largest capped stocks, saw 21 tickers in the red.

Tickers of four lenders, BIDV, Techcombank, VietinBank, and Vietcombank contributed most to VN-Index’s fall with 8.4 points.

BID of state-owned lender BIDV fell 4.5 percent, its biggest drop in a day in over six weeks.

TCB of largest private lender Techcombank fell 4 percent to the lowest in the last seven sessions after repeatedly hitting new peaks since the beginning of the year.

CTG of state-owned lender VietinBank dropped 3.7 percent, while VCB of state-owned lender Vietcombank fell 1.8 percent.

Other major losers include TPB of private TPBank, down 4.6 percent, STB of Ho Chi Minh City-based lender Sacombank, down 4.5 percent and MBB of Military Bank, down 4.3 percent.

Eight tickers bucked the trend, led by VJC of budget airline Vietjet, up 4.1 percent, and VRE of retail real estate arm Vincom Retail, up 3.6 percent.

Foreign investors were net sellers for the fourth session in a row to the tune of VND660 billion, with strongest pressure on HPG of steelmaker Hoa Phat Group and VIC of biggest private conglomerate Vingroup.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 3.38 percent while the UPCoM-Index for the Unlisted Public Companies Market dropped 1.69 percent.