VN-Index hits 2-week low

By Dat Nguyen   May 6, 2022 | 03:19 am PT
VN-Index hits 2-week low
An investor looks at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam’s benchmark VN-Index plunges 2.31 percent to 1,329.26 points Friday, the lowest in two weeks, as global markets dipped due to investors’ anticipation of more U.S. interest rate rises.

The index stayed in the red throughout the day and closed 31 points lower after rising 12 points Friday.

The U.S. dollar hit 20-year highs and world stocks fell towards their lowest in over a year on Friday as markets anticipated more U.S. interest rate rises, while Asian stocks fell on worries about the hit to growth from China's zero-Covid policy, Reuters reported.

The VN30 basket, comprising the 30 largest capped stocks, saw 28 tickers in the red, with SSI of leading brokerage SSI Securities Corporation hitting the floor with a 6.9 percent drop.

It is now at the lowest in over 11 months, having lost 52 percent since the previous peak in the end of November last year.

STB of Ho Chi Minh City-based lender Sacombank fell 5.2 percent to a six-month low.

GVR of Vietnam Rubber Group fell 5 percent to an 11-month low.

GAS of state-owned Petrovietnam Gas was the sole blue chip gainer this session with a 0.4 percent rise.

Foreign investors were net sellers to the tune of VND67 billion, mainly selling VCB of state-owned lender Vietcombank and KBC of industrial real estate developer Kinh Bac City.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, dropped 4.26 percent, while the UPCoM-Index for the Unlisted Public Companies Market fell 1.87 percent.

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