VN-Index drops below 1,200-point threshold

The index stayed in the red throughout the day and closed 56 points lower after plunging over 62 points Thursday, marking one of the worst two-day drop in VN-Index history.

It is now at the lowest since last March 30 and has lost 22.3 percent within 5 weeks.

Trading on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, increased by 29 percent to VND20.37 trillion ($882.2 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 28 tickers dropped, with 7 closing at the floor price.

KDH of property developer Khang Dien, GVR of Vietnam Rubber Group, abnd BVH of insurance company Bao Viet Holdings all lost 7 percent.

TCB of Vietnam’s largest private lender Techcombank, POW of Petrovietnam Power, and MWG of electronics retailer Mobile World dropped 6.9 percent.

Only VJC of budget airline Vietjet closed in the green, gaining 0.9 percent.

Foreign investors were net buyers to the tune of VND567.67 billion, mainly buying VNM of dairy giant Vinamilk, CTG of VietinBank, and VRE of Vingroup’s mall operator subsidiary Vincom Retail.

The HNX-Index at the Hanoi Stock Exchange, home to mid and small caps, lost 4.16 percent while the UPCoM-Index for the Unlisted Public Companies Market fell 2.93 percent.