VN-Index dips to 7-week low

The index stayed in the red throughout the day and closed 12.5 points lower after gaining over five points in the last two sessions. It is now at the lowest since January 24 after going sideways for nearly two months.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, surged 31 percent to VND27.65 trillion ($1.21 billion).

The VN30 basket, comprising the 30 largest capped stocks, saw 22 tickers in the red, with PLX of fuel distributor Petrolimex falling 5.4 percent to the lowest since January 28 after a period of surge thanks to rising oil prices.

MSN of conglomerate Masan Group closed its third session in the red with a 5 percent drop.

GAS of state-owned Petrovietnam Gas fell 4.7 percent to the lowest since February 11.

Other losers included PNJ of Phu Nhuan Jewelry, down 3.5 percent, and SSI of leading brokerage SSI Securities Corporation, down 3.4 percent.

Eight blue chip tickers gained, most of them banks, with BID of state-owned lender BIDV rising 2.2 percent and STB of Ho Chi Minh City-based lender Sacombank gaining 1.6 percent.

Foreign investors were net sellers for the fifth straight session to the tune of VND545 billion with focus on MSN and VND of brokerage VNDirect.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 1.22 percent while the UPCoM-Index for the Unlisted Public Companies Market gained 0.07 percent.