VN-Index plunges with last minute selling-spree

The index was on a downward trend throughout the day and closed with a near 25-point drop, the largest of the past four sessions.

VCB of state-owned lender Vietcombank, VHM of real estate giant Vinhomes and HPG of steelmaker Hoa Phat Group contributed most to VN-Index’s loss with surging at-the-close selling value. Together these three tickers brought the index down by 5.6 points.

In the VN30 basket, comprising the 30 largest capped stocks, VRE of retail real estate arm Vincom Retail led the fall with a 4.3 percent drop.

The ticker continued its downward trend from its previous historic peak in January, having lost 28 percent since.

VPB of private lender VPBank dropped 3.8 percent, while TCH of real estate company Hoang Huy Investment Financial Services lost 3.4 percent.

Other losers included MSN of conglomerate Masan Group, down 3.2 percent, and SSI of leading brokerage SSI Securities Corporation, down 3.1 percent.

But four blue chip tickers ended in the green, led by STB of Ho Chi Minh City-based lender Sacombank, up 2.5 percent, and POW of electricity producer Petrovietnam Power Corporation, up 1.4 percent.

Foreign investors were net sellers for the fifth straight session to the tune of VND204 billion, with strongest pressure on VIC of biggest private conglomerate Vingroup and KDH of real estate firm Khang Dien House.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 1.37 percent, while the UPCoM-Index for the Unlisted Public Companies Market dropped 1.4 percent.