Wednesday , February 8 2023

VN-Index dives on blue-chip selloff

The stock market fell by 1.2 percent on Monday morning, with investors being in a rush to sell blue-chip stocks.

The VN-Index opened in the red and plunged 18 points to 1,483 within three minutes, dragged down by three top lenders, state-owned Vietcombank and BIDV and largest private player Techcombank.

But it quickly bounced back thanks to Vingroup (VIC), Petrovietnam Gas (GAS) and Petrolimex (PLX).

Other energy stocks such as PVT of Petrovietnam Transportation Corporation, PVS of PetroVietnam Technical Services Corporation, and PetroVietnam Drilling & Well Services Corporation, rose between 1.5 percent and 4.4 percent as Brent crude oil prices rose 1.63 percent to $96 per barrel.

At the time of publishing the drop had narrowed to nine points but market breath did not match that recovery with 309 losers on the main Ho Chi Minh Stock Exchange against 123 gainers.

The VN30 index comprising the 30 largest capped stocks had 23 tickers in the red.

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