VN-Index slips from 1,500-point threshold as selling pressure continues

By Quang Tue   March 24, 2022 | 01:46 am PT
VN-Index slips from 1,500-point threshold as selling pressure continues
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 dropped 0.27 percent to 1,498.26 points Thursday with strong selling pressure on blue chip tickers.

The index mostly stayed in the red throughout the day and closed 4.08 points lower, but it still surged nearly 30 points this week thanks to two gaining sessions Monday and Tuesday.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, slipped by 13 percent to VND24.83 trillion ($1.09 billion).

The VN30 basket, comprising the 30 largest capped stocks, saw 21 tickers in the red, led by VHM of Vingroup’s housing arm Vinhomes with a 1.9 percent fall.

VCB of the largest state-owned lender Vietcombank closed 1.6 percent lower, and GVR of Vietnam Rubber Group declined 1.4 percent.

Other losers included NVL of real estate giant Novaland, down 1.2 percent, and STB of private lender Sacombank, down 1 percent.

Seven blue chip tickers rose, with PDR of property developer Phat Dat gaining 4 percent to its highest in 11 weeks.

VJC of budget airline Vietjet closed 2.1 percent higher, and PNJ of Phu Nhuan Jewelry rose 1.8 percent.

Foreign investors were net sellers after three net buying sessions to the tune of VND116.4 billion.

They focused on DXG of Dat Xanh Group, HPG of steelmaker Hoa Phat and VNM of dairy giant Vinamilk.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.15 percent, while the UPCoM-Index for the Unlisted Public Companies Market gained 0.59 percent.

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