VN-Index plunges steepest in history

By Phuong Dong July 11, 2021 | 10:48 pm PT

An investor looks at stock prices on a smartphone at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.

Vietnam’s benchmark VN-Index plunged by up to 73.36 points at a certain point Monday morning, a historic amount, as panic selling flooded the market.

The index started tumbling since the start of the session after going down two sessions in a row last week and fell by 73.36 points at around 11 a.m. before climbing to 1,291 points, the lowest since May 21.

There is no more positive signals in the market, an anonymous HCMC brokerage analyst said.

He added if the index fell below 1,200 points, it could go sideways below that level for years before climbing back like in 2018.

The VN30 basket, comprising the 30 largest capped stocks, was all in the red, led by CTG of state-owned lender VietinBank with a 6.8 percent drop.

It was followed by TCH of real estate company Hoang Huy Investment Financial Services, down 6.3 percent, and BID of state-owned lender BIDV, down 6 percent.

The least affected tickers were KDH of real estate firm Khang Dien House with a 0.3 percent drop, followed by VJC of budget airline Vietjet, down 0.8 percent and MWG of electronics retail chain Mobile World, down 1.4 percent.