VN-Index slips as blue chips plummet

The index stayed in the green until the last hour of trading when it started falling. It closed 8-points lower.

VN-Index has dropped in four out of the last five sessions, having lost nearly 74 points.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, rose nearly 6 percent to VND17.76 trillion ($780 million).

The VN30-Index, comprising the 30 largest capped stocks, fell 16 points, dragged down by VIC of biggest private conglomerate Vingroup, CTG of state-owned lender VietinBank and BID of state-owned lender BIDV.

VIC lost 1.6 percent, its fifth straight falling session. The ticker has experienced a downward trend since April despite having recently announced new partnerships with foreign companies in developing batteries for its VinFast electric cars.

CTG dropped 3 percent. Buying pressure in the first half of this month has not been able to stop the falling trend that began at the end of June.

The ticker is now at its lowest since April 28.

BID fell 2.2 percent to the lowest since Jan. 28.

Some strong losers in this session included PDR of Phat Dat Real Estate Development, down 3.8 percent, and PNJ of Phu Nhuan Jewelry, down 3.1 percent.

Six blue chip tickers bucked the trend, led by GVR of Vietnam Rubber Group and POW of electricity producer Petrovietnam Power Corporation, both with a 0.9 percent gain.

Foreign investors were net sellers to the tune of VND403 billion, with strongest pressure on VHM of real estate giant Vinhomes and CTG.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.25 percent, while the UPCoM-Index for the Unlisted Public Companies Market fell 0.02 percent.