Friday , July 19 2024

VN-Index plunges 43 points

Vietnam’s benchmark VN-Index plunges by over 43 points Monday, a six-week low, as panic selling sent nearly 90 percent of tickers on the main bourse falling.

The index started to drop in the afternoon and by around 2:47 p.m. it hit the bottom at 1,452.84 points.

446 tickers, or 87 percent of stocks listed on the main bourse Ho Chi Minh Stock Exchange (HoSE), were in the red, with 125 of them at floor price.

The selling spree continued after the index reached a new peak of 1,528 points on January 6, driven by a flux of new retail investors. It has lost nearly 5 percent since.

Twenty seven out of 30 blue chip tickers fell, with four of them hitting floor price.

Many real estate tickers like DXG of real estate developer Dat Xanh Group, NLG of real estate developer Nam Long Investment Corp and HQC of Hoang Quan Real Estate Company closed around 6.9 percent lower.

Several leading banking stocks posted a slight decrease. MBB of lender MB dropped 0.5 percent, ACB of Asia Commercial Bank fell 0.9 percent and CTG of state-owned lender VietinBank fell 1.3 percent.

Other banks, however, plunged. STB of Ho Chi Minh City-based lender Sacombank lost 6.9 percent, while HDB of HDBank fell 5.2 percent.

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