VN-Index plunges 27.55 points as profit-taking intensifies
Vietnam's benchmark VN-Index reversed course and fell sharply late in Thursday's session as widespread selling pressure mounted, despite briefly approaching the 1,800-point threshold.
The VN-Index experienced a sharp decline of 27.55 points, or 1.54 percent, to close at 1,765.63 on Thursday, as profit-taking intensified despite the index briefly reaching the 1,800-point mark. The domestic stock market saw widespread selling pressure, with decliners heavily outnumbering gainers. Major blue-chip stocks faced heavy selling, with GAS dropping 2.6 percent, HPG 1.81 percent, VCK 4.22 percent, and FPT 2.26 percent.
Shares of Vingroup companies VIC, VHM, and VRE also declined significantly, erasing over 16 points from the index. Financial stocks, including banks, securities firms, and insurers, saw broad decreases, with several losing more than 2 percent. The HNX-Index also fell 5.11 points, or 1.77 percent, to close at 283.34. Trading activity on the Ho Chi Minh Stock Exchange (HOSE) surged to nearly VND18.7 trillion, up VND4.7 trillion from the previous session.
Ms. Le Thi Hang, Head of Trading at VPBank Securities, cited growing correction pressure after the VN-Index's rapid advance over a short period, noting that the rally was driven largely by large-cap stocks and matched trading value on HOSE was below the 20-session average, indicating insufficient liquidity. The sharp decline in Vingroup stocks and intensified profit-taking further fueled the sell-off as the index neared the 1,800-point threshold, increasing investor caution.
Experts viewed the decline as understandable after such a strong rally in a short period, urging investors to monitor liquidity and leading stocks to assess market balance.
Written by urgent.news from SGGP English Edition Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
