VN-Index extends losses with last-minute sell-off

By Quang Tue   May 16, 2022 | 02:15 am PT
VN-Index extends losses with last-minute sell-off
An investor points at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam’s benchmark VN-Index dropped 0.91 percent to 1,171.95 points Monday, pulled down by last-minute selling pressure.

The index started off in the green but gradually declined throughout the day and closed with a near 11-point drop, marking its third straight losing session.

It has closed lower in six out of nine recent sessions, losing over 194 points this month.

Trading on the Ho Chi Minh Stock Exchange, on which the index is based, fell by 28.4 percent to VND14.58 trillion ($631.3 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 16 tickers gain, led by SSI of leading brokerage SSI Securities with a 5.8 percent rise.

It was followed by PLX of fuel distributor Petrolimex, up 4.7 percent, and VRE of Vingroup's mall operator subsidiary Vincom Retail, up 3.8 percent.

TPB of private lender TPBank gained 3.3 percent, and CTG of state-owned lender VietinBank rose 2.7 percent.

Eleven blue chips fell, with MSN of conglomerate Masan Group and STB of HCMC-based lender Sacombank hitting floor prices and losing 6.9 percent.

Other losers included BVH of insurance company Bao Viet Holdings, down 5.5 percent, and GAS of Petrovietnam Gas, down 5.0 percent.

Foreign investors were net buyers to the tune of VND258.02 billion, mainly buying CTG and HPG of steelmaker Hoa Phat.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 1.54 percent while the UPCoM-Index for the Unlisted Public Companies Market lost 0.44 percent.

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