VN-Index plunges to three-week low on blue chip selloff

By Dat Nguyen   March 8, 2022 | 03:29 am PT
VN-Index plunges to three-week low on blue chip selloff
An investor points at stock prices on a screen at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
The stock market fell by 1.69 percent Tuesday as investors rushed to sell blue chip stocks, sending 22 such tickers into the red.

The index stayed in the red throughout the day and closed 25.34 points lower at the three-week low of 1,473.71 points.

Global markets, including Nasdaq Composite, Shanghai Composite and Nikkei 225, also ended in the red Monday amid unclear outlook for the Russia-Ukraine tension and record oil prices.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, rose 2.15 percent to VND32.13 trillion ($1.41 billion).

The VN30 basket, comprising the 30 largest capped stocks, saw 22 tickers in the red, led by VCB of largest state-owned lender Vietcombank with a 4 percent fall to a near two-month low.

MBB of MB Bank lost 3.7 percent to a six-week low, and PLX of fuel distributor Petrolimex fell 3.2 percent to two-week low.

Other losers included HPG of steelmaker Hoa Phat, down 3.2 percent, KDH of real estate developer Khang Dien, down 3.2 percent, and GAS of state-owned Petrovietnam Gas, down 3.1 percent.

Six blue chip tickers bucked the trend, with VJC of budget airline Vietjet gaining 2.1 percent, and FPT of tech giant FPT Corporation closing 1.1 percent higher.

Foreign investors were net sellers to the tune of VND1.52 billion, with focus on HPG of steelmaker Hoa Phat and GEX of electric services provider Gelex.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, lost 1.54 percent while the UPCoM-Index for the Unlisted Public Companies Market dropped 0.54 percent.

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