VN-Index plummets

The index was dropping 38 points, or 3.4%, at the time of publishing, with 92% of the Ho Chi Minh Stock Exchange (HoSE)’s 509 tickers in the red. VN-Index is now at 1,061 points, the lowest since May 24.

Three Vingroup related tickers, VRE of retail real estate arm Vincom Retail, VHM of property giant Vinhomes, and VIC of private conglomerate Vingroup, hit the floor with a 7% decline. At 10:30 a.m. there was no buying order placed for these tickers.

In the first 30 minutes of the session, trading value surged 3.5 times to VND2.8 trillion ($113 million), with the biggest values recorded by SSI of leading brokerage SSI Securities Corporation, VIC, VHM, STB of Ho Chi Minh City-based lender Sacombank and DIG of Development Investment Construction.

The property sector was the worst performing group. Apart from Vingroup tickers, other major losers included DIG, CEO of real estate developer CEO Group, PDR of Phat Dat Real Estate Development, NVL of property developer Novaland Group and KBC of industrial real estate developer Kinh Bac City, all dropping by over 4%.

Foreign investors were net sellers as of 10.30 a.m. to the tune of VND300 billion. They were selling VHM, VIC, SSI and SHB of Saigon Hanoi Commercial Bank. But some tickers got picked up, such as STB, MWG of electronics retail chain Mobile World, and VPB of private lender VPBank.

Globally Asian stocks slid to 11-month lows on Wednesday, U.S. futures dropped and the dollar surged as Treasury yields spiked back toward peaks on fears that U.S. interest rates will stay high, Reuters reported.