Việt Nam stocks slide on investor caution ahead of FTSE review

Việt Nam stocks slide on investor caution ahead of FTSE review

Foreign investors continued their selling spree, with net outflows reaching over VNĐ1.2 trillion on the HoSE.

Inside a steel manufacturing plant of Hoa Phat Group. The company's shares plunged 1.6 per cent on Friday, weighing on the market's downtrend. — Photo hoaphat.com.vn

The Vietnamese stock market came under pressure this week as investors grew cautious ahead of the FTSE Russell reclassification, with persistent foreign capital outflows weighing on sentiment.

During the final trading session of the week, the VN-Index faced downward pressure amid low liquidity, closing down nearly 7 points, or 0.42 per cent, at 1,645.82 points.

Despite the modest decline, the number of stocks that fell was nearly three times greater than those that rose. Liquidity, however, edged up slightly from the previous session to nearly VNĐ24.6 trillion (US$930.8 million).

The VN30-Index also slipped 0.29 points, or 0.02 per cent, to 1,859.51 points. Within the VN30 basket, 19 stocks finished lower, ten advanced and one remained unchanged.

Losses on the VN-Index were partly offset by strong gains from the Vingroup group, with Vingroup (VIC) up 3.2 per cent, Vinhomes (VHM) up 1.4 per cent and Vincom Retail (VRE) up 3.1 per cent. Together, they contributed close to 8 points to the index.

Elsewhere, widespread selling pressure hit most sectors including banking, securities, real estate, public investment and consumer goods, leading to significant losses. Among the top five stocks dragging on the market, four were banks and one was steel producer Hoa Phat Group (HPG), whose shares fell 1.6 per cent.

A handful of other stocks managed to post gains. Navico (ANV) hit its ceiling price, while LPBank (LPB) rose 1.74 per cent, Coteccons (CTD) 1.1 per cent, FPT Corporation (FPT) 1.41 per cent, Vinh Hoan Corporation (VHC) 2.04 per cent and FPT Securities (FTS) 1.16 per cent.

On the Hanoi Stock Exchange, the HNX-Index dropped 3.8 points, or 1.41 per cent, to 265.75 points.

Foreign investors extended their selling streak, with net outflows topping VNĐ1.2 trillion on the HoSE and more than VNĐ85.9 billion on the HNX.

Next week, the market is set to receive the FTSE Russell reclassification results. The VN-Index has already come under adjustment pressure in the past two weeks as investors wait for clarity on this key development. 

Bizhub