VN-Index plummets due to sell-offs

Amid increasing sell-off pressure to cut losses, the VN-Index extended its downward trend in the first trading session of the week, falling significantly to nearly 1,200 points, with the number of declining stocks tripling that of the winning ones.

On September 18, Vietnam’s stock market witnessed sell-offs made by not only local investors but also foreign ones, who continued to conduct a net selling of nearly VND478 billion on the HOSE, contributing to a nearly 16-point drop in the VN-Index.

Most key stock groups experienced a losing trend. Banking stocks were flooded in red color. Among them, EIB plunged 6.5 percent; TCB, CTG, BID, and VIB all reduced by over 2 percent; VCB declined by 1.12 percent, and VPB retreated by 1.77 percent.

Realty stocks also fell sharply, especially large-cap stocks, such as VHM with a decrease of 3.07 percent, VIC with a decrease of 1.12 percent, BCM with a decrease of 1.45 percent, VRE with a decrease of 2.46 percent, NVL with a decrease of 3.97 percent, PDR with a decrease of 1.72 percent, and DIG with a decrease of 1.47 percent.

Securities stocks rebounded positively in the morning trading session, but in the afternoon trading session, many stocks also slumped. Specifically, VIX sank by 2.81 percent, TVS plummeted by 3.16 percent, ORS cut by 1.55 percent, and VDS slid by 1.1 percent. Meanwhile, some stocks managed to keep the green color, including VND surging 2.29 percent, FTS gaining 1.26 percent, and SSI, HCM, BSI, AGR, and CTS rallying by nearly 1 percent.

While the overall market was in decline, the seafood and steel stock groups went against the tide. Specifically, VHC soared by 4.92 percent, IDI rose by 2.16 percent, ANV saw a 2.24 percent increase, HSG climbed by 1.87 percent, and NKG edged up by 0.23 percent.

The VN-Index dived 15.55 points, or 1.27 percent, to close at 1211.81 points, with 122 winners, 399 losers, and 44 unchanged stocks.

On the smaller bourse in the North, the HNX-Index also erased 2.28 points, or 0.9 percent, to finish at 250.48 points, with 58 stocks advancing, 134 declining, and 55 standing still.

Market liquidity decreased compared to the previous trading session, with total trading volume reaching roughly VND22 trillion.