VN-Index closes 3rd session in red

By Dat Nguyen   April 12, 2022 | 04:47 am PT
VN-Index closes 3rd session in red
An investor looks at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnams’ benchmark VN-Index plunged 1.8 percent to 1,455.25 points Tuesday in its third straight falling session as investors sold speculative stocks in droves.

The index stayed mostly in the red throughout the day and closed nearly 27 points lower. It has lost nearly 68 points in the last three sessions.

Trading on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, fell 9.6 percent to VND21.28 trillion ($930 million).

Analysts of MB Securities said in a recent note that the recent plunges of VN-Index was due to the large selling pressure seen in speculative tickers.

Several tickers such as FLC of real estate developer FLC, ROS of FLC Faros Construction and AMD of FLC Stone Mining and Investment closed at floor prices Tuesday.

The VN30 basket, comprising the 30 largest capped stocks, saw 27 tickers in the red, with BVH of insurance company Bao Viet Holdings losing 5.5 percent.

GVR of Vietnam Rubber Group and TPB of private TPBank both fell 5.3 percent.

Other losers included POW of electricity producer Petrovietnam Power Corporation, down 3.7 percent, and BID of state-owned lender BIDV, down 3.5 percent.

Four tickers bucked the trend, with MWG of electronics retail chain Mobile World rising 1.8 percent, and MSN of conglomerate Masan Group gaining 1.3 percent.

Foreign investors were net sellers for the third straight session to the tune of VND272 billion, mainly selling VPB of private lender VPBank and HPG of steelmaker Hoa Phat Group.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 2.55 percent while the UPCoM-Index for the Unlisted Public Companies Market dropped 1.15 percent.

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