VN-Index slides to biggest losing session in three weeks

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw 282 stocks lose and 112 gaing.

Total trading volume rose slightly over the previous session at VND4.77 trillion ($206.37 million) - much lower than June’s daily average of VND6.67 trillion ($288.57 million), but above average for July, which has been seeing VND4.3 trillion ($186.04 million) worth of shares exchange hands per day so far.

All 30 stocks on the VN30, a basket of the HoSE’s biggest stocks, finished in the red as the VN30-Index for the basket tumbled 1.33 percent.

Topping losses was CTD of construction giant Coteccons, down 4.3 percent. The company released financial statements saying 6-month revenues and post-tax profits fell 25 percent and 10 percent year-on-year respectively as a result of the Covdid-19 pandemic.

Next were BVH of insurance giant Bao Viet Group, down 2.6 percent, VRE of mall operator Vincom Retail and ROS of real estate developer FLC Faros, both down 2.4 percent, and PLX of petroleum distributor Petrolimex, with 2.3 percent.

Of Vietnam’s three biggest state-owned banks by assets, BID of BIDV led losses with 1.9 percent, followed by CTG of VietinBank with 1.2 percent, and VCB of Vietcombank with 0.7 percent. MBB of mid-sized Military Bank also dropped 1.7 percent.

Among private banks, VPB of VPBank lost the most, 1.5 percent, followed by STB of Sacombank, down 1.3 percent, and HDB of HDBank, down 0.7 percent.

Other major stocks that lost were MSN of food conglomerate Masan Group, down 2.1 percent, PNJ of jewelry retailer Phu Nhuan Jewelry, 1.7 percent, and VHM of real estate giant Vinhomes, 1.6 percent.

VIC of private conglomerate Vingroup, the VN30’s biggest cap, shed 1.4 percent this session.

The least negative performers this session were NVL of real estate developer Novaland, down 0.2 percent, TCB of private bank Techcombank and SAB of major brewer Sabeco, both down 0.5 percent, and EIB of private Eximbank, 0.6 percent.

Meanwhile, the HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, slumped 0.93 percent; and the UPCoM-Index for stocks on the Unlisted Public Companies Market fell 0.49 percent.

Foreign investors turned net buyers on all three bourses to the tune of VND200 billion ($8.65 million), with buying pressure mostly on HPG of Hoa Phat Group and VNM of dairy giant Vinamilk, which shed 0.9 percent.

Results today went against the predictions of most securities companies, for instance Bao Viet Securities, who had predicted a short-term uptrend, with slight corrections, that could drive the VN-Index as far as 893 points.

The securities firm also warned that HoSE’s regulators were changing what stocks will be included in the VN30, VNFinlead and VNDiamond baskets, resulting in exchange traded funds basing their performances on these baskets having to restructure their portfolios, which, in turn, could see large price fluctuations in some stocks.