VN-Index slips with foreign investor sale surge

The index gradually fell throughout the day and closed with a near 8-point loss. This is its biggest drop in a day in over three weeks.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, fell 6 percent to VND25.77 trillion ($1.13 billion). The bourse saw 232 tickers lose and 148 gain.

Foreign investor net sale value surged 45 percent to VND1.39 trillion, the highest in nearly four weeks. This is their sixth net selling session in a row.

They focused on selling VHM of real estate giant Vinhomes and VIC of biggest private conglomerate Vingroup.

VHM dropped 4.3 percent, the highest in the VN30 basket, which comprises the 30 largest stocks.

The ticker has lost 7.6 percent since conglomerate Vingroup and U.S. based investment fund KKR announced Monday they would reduce their stakes in the company.

SAB of brewer Sabeco lost 4 percent, continuing its downward trend that began in January.

GAS of state-owned Petrovietnam Gas lost 1.9 percent, and VRE of retail real estate arm Vincom Retail, 1.6 percent.

But six blue chip tickers ended in the green, led by HPG of steelmaker Hoa Phat Group, up 1.9 percent, and PNJ of Phu Nhuan Jewelry, up 1.1 percent.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, dropped 0.12 percent while the UPCoM-Index for the Unlisted Public Companies Market gained 0.17 percent.