VN-Index stumbles to one-month low

By Dat Nguyen   September 27, 2021 | 02:28 am PT
VN-Index stumbles to one-month low
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 1.94 percent to 1,324.99 points Monday, the lowest in a month, as the rising number of Covid-19 infections worry investors.

The index gradually fell throughout the day and closed 26 points lower, the biggest loss in a day since Aug. 23.

The plunge ended three weeks of sideways movement as investors waited for more concrete news on an economic recovery plan following months of social distancing.

The number of single-day Covid-19 cases dropped to 8,500 last Friday but shot up again to over 10,000 Sunday.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, rose 19 percent to VND21.79 trillion ($954 million).

The VN30 basket, comprising the 30 largest capped stocks, saw 24 tickers in the red, led by MSN of conglomerate Masan Group with a 5.2 percent drop.

The fall brought the ticker down to a two-week low after climbing to a new peak on Sep. 16.

SSI of leading brokerage SSI Securities Corporation lost 4.3 percent, continuing its downward trend that began nearly three weeks ago.

Other losers included BVH of insurance company Bao Viet Holdings, down 3.9 percent, GVR of Vietnam Rubber Group, down 3.8 percent and TPB of private TPBank, also down 3.8 percent.

Only two blue chip tickers gained: VJC of budget airline Vietjet, up 3.2 percent to a two-week high, and PLX of fuel distributor Petrolimex, up 0.2 percent.

Foreign investors were net sellers to the tune of VND254 billion, with strongest focus on HPG of steelmaker Hoa Phat Group and VIC of biggest private conglomerate Vingroup.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 1.84 percent while the UPCoM-Index for the Unlisted Public Companies Market dropped 2.36 percent.

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