VN-Index dives to near six-month low

The market started off in the green but then nosedived in the afternoon, losing over 23 points in just two hours. It closed 26.15 points lower, the biggest drop since February 14.

This went against Monday’s forecast of leading brokerage SSI Securities Corporation, which expected the index to bounce back once it hit the support level of 1,425-1,435 points.

Trading on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, dropped 13 percent to VND22.66 trillion ($987 million).

The VN30 basket, comprising the 30 largest capped stocks, saw 25 tickers in the red, with POW of Petrovietnam Power losing 6.9 percent to the lowest since November 30.

It was followed by SSI of leading brokerage SSI Securities Corporation with a 6.7 percent fall to the lowest in nearly nine months.

STB of HCMC-based lender Sacombank closed 5.2 percent lower, and GVR of Vietnam Rubber Group lost 4.9 percent.

Other losers included TPB of TPBank, down 4.5 percent, PNJ of Phu Nhuan Jewelry, down 3.7 percent, and PLX of Petrolimex, down 3.6 percent.

Only three blue chips gained, led by VJC of budget airline Vietjet with a 3.5 percent climb.

KDH of property developer Khang Dien rose 1.6 percent, and HPG of Hoa Phat ended the losing streak with a 1.5 percent gain.

Foreign investors continued to catch the dip, net buying to the tune of VND277.5 billion.

They focused on buying GEX of electrical equipment maker Gelex Group and KBC of real estate developer Kinh Bac City.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, lost 2.59 percent, while the UPCoM-Index for the Unlisted Public Companies Market fell 1.71 percent.