VN-Index plunges to near 2-year low

The index closed 21.96 points lower after losing 22.66 points on Friday.

Trading on the Ho Chi Minh Stock Exchange (HoSE) fell by 18.24% to VND10.56 trillion ($425.12 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 20 tickers dropped.

Eight blue chips hit floor price, including KDH of real estate firm Khang Dien House, MWG of electronics retail chain Mobile World and PDR of Phat Dat Real Estate Development with a 7% decline.

TCB of the largest private lender Techcombank, HDB of HDBank and NVL of real estate developer Novaland Group also plunged by the same rate.

Other major decliners included STB of Ho Chi Minh City-based lender Sacombank, down 6.6%, VIB of Vietnam International Commercial Bank, down 6.6%, and HPG of steelmaker Hoa Phat Group, down 6.5%.

Eight blue chips bucked the trend, led by VNM of dairy giant Vinamilk with a 2.8% rise.

ACB of Asia Commercial Bank gained 2.5% and GAS of state-owned Petrovietnam Gas went up 1.7%.

Foreign investors were net buyers to the tune of VND520.77 billion, mainly buying VNM and DGC of Duc Giang Chemicals Group.

The HNX-Index at the Hanoi Stock Exchange, where mid and small caps list, was down 2.93%while the UPCoM-Index at the Unlisted Public Companies Market was down by 2.7%.