VN-Index plunges to three-week low

By Dat Nguyen   July 6, 2021 | 01:21 am PT
VN-Index plunges to three-week low
An investor looks at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
Vietnam’s benchmark VN-Index plunged 3.99 percent to 1,354.79 points Tuesday, the lowest in over three weeks with eight blue chips hitting floor prices.

Strong selling pressure in the last hour of trading dragged the index down by over 56 points. This is its biggest loss in a day since Jan. 28.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, rose 2 percent to VND28.67 trillion ($1.24 billion). The bourse was dominated by red with 350 tickers losing and 59 gaining.

The VN30 basket saw 26 tickers in the red, with eight of them hitting floor price with a 6.9-7 percent drop, including MBB of MBBank, TPB of private TPBank CTG of state-owned lender VietinBank and MWG of electronics retail chain Mobile World.

Three top contributors to the fall of VN-Index were VHM of real estate giant Vinhomes, HPG of steelmaker Hoa Phat Group and TCB of the largest private lender Techcombank, bringing it down by 15 points.

Foreign investors were net buyers to the tune of VND47 billion with strongest pressure on VHM and MBB.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 2.8 percent while the UPCoM-Index for the Unlisted Public Companies Market dropped 1.5 percent.

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