Vietnam Stocks Plunge to Three-Week Low: VN-Index Slips Amid Massive Selloff
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On Friday, Vietnam’s key VN-Index experienced a significant drop of 3.06%, settling at 1,656.89 points, the lowest it’s seen since November 19. This marked the fourth consecutive session that the index has ended in negative territory.
Trade Volume Soars on Ho Chi Minh Stock Exchange
Trading on the Ho Chi Minh Stock Exchange, which forms the basis for the VN-Index, saw a significant increase in activity. The volume of trades surged by 52%, amounting to a total of VND24.7 trillion (US$938 million).
Most Large Cap Stocks Experience Decline
In the VN30 group, which encompasses the 30 largest capped stocks, 29 saw a decrease. Notably, Vinhomes, a real estate heavyweight, and Vincom Retail, a retail real estate subsidiary, experienced a substantial decline of 6.9%.
Other major companies also experienced losses, including private lender VPBank, which saw a drop of 5.7%, and Vietnam Rubber Group, which fell by 5.1%.
In contrast, Becamex Investment and Industrial Development was the only blue-chip stock that managed to stay in positive territory, albeit with a slight gain of 0.2%.
Foreign Investors Continue Selling Trend
Foreign investors continued their selling streak for the sixth session in a row, leading to a net sale of VND571 billion. The most significant sales were from private conglomerate Vingroup and state-owned lender Vietcombank.
Other Indices Also See Decrease
Other indices also experienced a decrease. The HNX-Index, which lists stocks on the Hanoi Stock Exchange, primarily those of mid and small-cap companies, decreased by 2.26%. Meanwhile, the UPCoM-Index for Unlisted Public Companies Market fell slightly by 0.61%.
Questions & Answers
What is the VN-Index?
The VN-Index is a capitalization-weighted index of all the companies listed on the Ho Chi Minh Stock Exchange.
What was the significant trade on Friday?
On Friday, trading on the Ho Chi Minh Stock Exchange surged by 52%, reaching a total of VND24.7 trillion (US$938 million).
Which stock experienced the greatest loss on Friday?
Real estate giant Vinhomes and retail real estate arm Vincom Retail saw the most significant losses, both dipping by 6.9%.