Vietnam's benchmark VN-Index suffered its third consecutive steep decline on November 2, the first trading session of the month, as widespread selling pressure dragged down stocks across nearly every sector, despite a partial recovery toward the close.
The index plunged as much as 47 points during the session before trimming its losses to nearly 31 points by the closing bell.
Despite recovering about 16 points from its intraday low, the market remained overwhelmingly negative, with decliners far outnumbering advancers. Banking stocks, the market's blue-chip heavyweights, faced heavy selling pressure and posted steep losses, weighing heavily on the broader market. VPB fell 6.1 percent, VCB dropped 4.8 percent, LPB lost 4.43 percent, BID declined 4.19 percent, ACB slid 3.33 percent, MBB shed 2.85 percent, SHB fell 2.35 percent, HDB lost 2.23 percent, and CTG slipped 1.82 percent.
Selling pressure extended to real estate, consumer goods, materials, information technology, industrial and energy stocks. Several shares hit their daily trading limits, including FRT, PHR, GVR, UIC, DXV, ACC, TRC, and PLP.
Only a handful of stocks bucked the broader downturn. HDC hit its daily upper limit, while NVB gained 5 percent, BSI rose 4.7 percent, NV advanced 3.75 percent, and VCG added 2.03 percent.
Foreign investors extended their net-selling streak on the Ho Chi Minh Stock Exchange (HOSE), recording net sales of more than VND523 billion. Banks accounted for six of the ten stocks with the largest net outflows: MBB, VCB, ACB, STB, VPB, and SHB.
At the close, the VN-Index had fallen 30.9 points, or 1.77 percent, to 1,710.72, with 281 decliners, 46 advancers, and 47 unchanged stocks. The Hanoi Stock Exchange's HNX-Index lost 2.19 points, or 0.87 percent, to 250.55, with 30 stocks increasing, 114 decreasing, and 45 standing still.
Heavy selling also boosted market liquidity. Trading value on HOSE reached nearly VND18.6 trillion, up VND3.9 trillion from the previous session. Including the HNX, total market turnover exceeded VND19.5 trillion, an increase of VND4.5 trillion.
