Thursday , August 18 2022

VN-Index drops after three-session gaining streak


Vietnam’s benchmark VN-Index fell 0.57 percent Wednesday with most blue chip tickers ending in the red, ending a three-session gaining streak.

The drop coincided with the General Statistics Office pegging the year’s GDP growth declining for the second year in a row to 2.58 percent from 2.91 percent in 2020.

The index slid gradually throughout the day to close nearly nine points lower than the previous session.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, fell 12 percent to VND25.5 trillion ($1.12 billion).

The VN30 basket, comprising the 30 largest capped stocks, saw 16 tickers in the red, with VIC of biggest private conglomerate Vingroup falling 2.9 percent to its lowest in over a month.

GVR of Vietnam Rubber Group lost 2.9 percent in its third losing session in a row, while PNJ of Phu Nhuan Jewelry fell 2.5 percent to a three-week low.

Other losers included POW of electricity producer Petrovietnam Power Corporation, down 1.9 percent, and STB of Ho Chi Minh City-based lender Sacombank, down 1.8 percent.

Eight blue chip tickers bucked the trend, with SSI of leading brokerage SSI Securities Corporation gaining 1.7 percent and KDH of real estate firm Khang Dien House rising 1 percent, returning to its peak two sessions ago.

Foreign investors were net buyers for the fourth straight session to the tune of VND229 billion, with focus on CTG of state-owned lender VietinBank and KDH.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 0.05 percent while the UPCoM-Index for the Unlisted Public Companies Market rose 0.29 percent.

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