VN-Index plunges to a year low

By Quang Tue   May 12, 2022 | 01:49 am PT
VN-Index plunges to a year low
An investor points at stock prices on the screens at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam’s benchmark VN-Index plunged 4.82 percent to 1,238.84 points Thursday, a year low, as 163 out of 484 tickers on the Ho Chi Minh Stock Exchange hit the floor.

The index stayed in the red throughout the day and closed over 62 points lower after gaining 7.97 points on Wednesday.

This is the second time this month the index dropped over 4 percent in a single day. It is now at the lowest since April 29 last year, having fallen 18.8 percent since the beginning of the year.

Trading value on the Ho Chi Minh Stock Exchange (HoSE) increased by 37 percent to VND15.78 trillion ($683 million).

It has stayed below the VND20-trillion threshold for two weeks now, as investors tread cautiously amid a bearish market.

The VN-30 basket, comprising the 30 largest capped stocks, saw 29 tickers dropped, with 11 closing at floor price.

PLX of fuel distributor Petrolimex and MSN of conglomerate Masan Group fell 7 percent.

Tickers of the two largest private lenders, TCB of Techcombank and VPB of VPBank, and BID of state-owned player BIDV all dropped 6.9 percent.

Only SAB of brewer Sabeco closed in the green, gaining 0.9 percent.

Foreign investors were net sellers to the tune of VND97.93 billion, focusing on HPG of steelmaker Hoa Phat, VIC of biggest conglomerate Vingroup, and VCB of largest lender Vietcombank.

The HNX-Index at the Hanoi Stock Exchange, where mid and small caps list, was down 5.26 percent while the UPCoM-Index at the Unlisted Public Companies Market was down by 2.38 percent.

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