VN-Index dips to 3-week low on blue chip sale

An investor points to stock prices on a screen at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

The stock market fell 1.69% on Tuesday as investors rushed to sell blue-chip stocks, sending 22 of those tickers into the red.

The index remained in the red throughout the day and closed down 25.34 points to a three-week low of 1,473.71 points.

Global markets including the Nasdaq Composite, Shanghai Composite and Nikkei 225 also ended in the red on Monday amid an unclear outlook for Russian-Ukrainian tension and record oil prices.

The market value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, rose 2.15% to 32.13 trillion VND ($1.41 billion).

The VN30 basket, comprising the 30 largest capped stocks, saw 22 tickers in the red, led by VCB of the largest public lender Vietcombank with a fall of 4% to a near two-month low.

MB Bank’s MBB lost 3.7% to a six-week low, and fuel distributor Petrolimex’s PLX fell 3.2% to a two-week low.

Other losers included steelmaker Hoa Phat’s HPG, down 3.2%, property developer Khang Dien’s KDH, down 3.2%, and state-owned Petrovietnam Gas’s GAS, down 3.1%. .

Six blue-chip tickers bucked the trend, with low-cost airline Vietjet’s VJC gaining 2.1% and tech giant FPT Corporation’s FPT closing up 1.1%.

Foreign investors were net sellers to the tune of VND 1.52 billion, focusing on HPG from steelmaker Hoa Phat and GEX from electrical service provider Gelex.

The HNX stock index on the Hanoi Stock Exchange, home to small and mid caps, lost 1.54% while the UPCoM index of the unlisted public company market fell 0.54%.

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