VN-Index dips as Asian markets in red

The index stayed in the red throughout the day and closed 20 points lower, continuing to stay at a seven-week low after dipping 12.5 points in the last session.

VN-Index has dropped in three out of the past five sessions, losing nearly 53 points in total.

Most Asian currencies and stock markets were in the red on Monday, hit by concerns over the escalating Russia-Ukraine crisis and a drop in China’s new bank loans, with Philippine stocks plunging more than 4 percent, Reuters reported.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, dipped marginally to VND27.2 trillion ($1.19 billion).

The VN30 basket, comprising the 30 largest capped stocks, saw 22 tickers losing, with GAS of state-owned Petrovietnam Gas falling 6.1 percent to the lowest in eight weeks.

This was its third session in the red after after nearly three months of uptrend thanks to surging oil prices.

Other energy stocks that fell included PLX of fuel distributor Petrolimex, down 3.6 percent and POW of electricity producer Petrovietnam Power Corporation, down 3.1 percent.

PNJ of Phu Nhuan Jewelry dropped 5.7 percent to a near seven-week low in its third session in the red.

MSN of conglomerate Masan Group dropped 4.5 percent to the lowest in nearly six months.

Other losers included SSI of leading brokerage SSI Securities Corporation, down 4 percent, and HPG of steelmaker Hoa Phat Group, down 3.8 percent.

Six blue chip tickers bucked the trend, with VJC of budget airline Vietjet rising 4.7 percent, and STB of Ho Chi Minh City-based lender Sacombank gaining 1.4 percent.

Foreign investors were net sellers for the sixth straight session to the tune of VND728 billion with focus on STB and VCB of state-owned lender Vietcombank.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, dropped 1.27 percent while the UPCoM-Index for the Unlisted Public Companies Market fell 0.28 percent.