VN-Index closes 5th session in red

The index stayed mostly in the red throughout the day and closed nearly 22 points lower. It has dropped in eight of the last 10 sessions.

It is now at the lowest since October 8 and has lost over 6 percent since the beginning of the year.

Analysts of SSI Securities Corporation said Tuesday that if VN-Index dived below 1,400 points, it is unlikely that the market will return to uptrend in the long run.

Trading on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, fell 9.5 percent to VND20.51 trillion ($893.19 million) Wednesday, showing the lack of investors’ interest in buying the dip.

The VN30 basket, comprising the 30 largest capped stocks, saw 17 tickers in the red, with GVR of Vietnam Rubber Group hitting the floor with a 7 percent drop.

GAS of state-owned Petrovietnam Gas hit the lowest in nearly five weeks with a 6.4 percent fall, while POW of electricity producer Petrovietnam Power Corporation plunged to a five-month low with a 3.3 percent loss.

VHM of real estate giant Vinhomes continued its downtrend and closed 3 percent lower with a 5.6 percent fall.

BVH of insurance company Bao Viet Holdings fell 2.6 percent, while TPB of private TPBank lost 1.9 percent.

Nine tickers gained, with MSN of conglomerate Masan Group rising 3.2 percent and SAB of brewer Sabeco gaining 1.8 percent.

Other gainers included VCB of state-owned lender Vietcombank and ACB of Asia Commercial Bank.