VN-Index loses over 51 points on rising selling force

VN-Index loses over 51 points on rising selling force

Adding pressure to the market's sentiment, foreign investors accelerated net selling, offloading more than VNĐ1.9 trillion on HoSE.

Workers at a warehouse of Duc Giang Chemicals Group. Shares of the company continued to hit the floor price amid adverse news concerning company leadership. — Photo ducgiangchem.vn

Việt Nam's stock market closed sharply lower on Friday as selling intensified across sectors, driving major indices down from the opening bell and leaving little recovery momentum through the session.

The benchmark VN-Index on the Hochiminh Stock Exchange (HoSE) fell 51.32 points, or 3.00 per cent, to 1,647.81. Liquidity on the exchange surged from the previous trade to over VNĐ31 trillion (US$1.2 billion).

Selling pressure dominated from the outset, pushing the VN-Index into negative territory within minutes of the open.

Pessimism deepened into the afternoon as sellers repeatedly overwhelmed buyers across multiple key sectors like real estate, energy, technology and consumer, signalling a pervasive risk-off mood among investors.

The financial and banking sector showed some intragroup divergence but was unable to provide meaningful support. Declines outnumbered advances and any technical rebounds were short-lived.

Similarly, the HNX-Index on the Hanoi Stock Exchange (HNX) declined 2.27 points, or 0.90 per cent, to 243.46 points.

Market breadth was heavily tilted to the downside, with 529 stocks falling, including 46 hitting the floor, while 294 advanced.

The VN30 basket, representing the largest-cap stocks on the southern bourse, was the epicentre of the correction, with 27 members declining, two flat and only Vincom Retail (VRE) finishing in positive territory. The VN30-Index dropped 56.2 points, or 3.03 per cent, to 1,797 points.

VIC was a primary negative driver, plunging 6.4 per cent and trading close to the floor, shaving almost 16 points off the VN-Index alone.

As the market's largest-cap listing, VIC's move materially amplified the overall decline. The share-price swings also significantly affected the net worth of Vingroup Chairman Phạm Nhật Vượng. Forbes' update on Friday afternoon showed a temporary loss of $907 million, placing him at around $22.4 billion and ranking him 110th on the global rich list at that time.

Other heavyweight names contributed to the sell-off, including PV Gas (GAS), which hit the floor price, Vietcombank (VCB) down 3.0 per cent, Vinhomes (VHM) losing 2.3 per cent, Vietinbank (CTG) down 3.0 per cent, LPBank (LPB) slumping 6.4 per cent, Masan Consumer Corporation (MCH) tumbling 3.7 per cent, Vietnam Rubber Group (GVR) declining 5.2 per cent and BIDV (BID) dropping 2.25 per cent.

Separately, DGC of Duc Giang Chemicals Group continued to hit the maximum daily loss amid adverse news concerning company leadership.

Adding pressure to market sentiment, foreign investors accelerated net selling, offloading more than VNĐ1.9 trillion on HoSE. 

Bizhub