Vietnam Stocks Close Month Down as Real Estate Slumps, Foreign Investors Pull Back
Stock markets in Vietnam ended the month on a sour note, with benchmark indices declining due to heavy selling in the real estate sector and a pullback from foreign investors.
The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) slipped by 4.78 points, or 0.29 per cent, to 1,661.70 points. The real estate sector bore the brunt of the sell-off, with several stocks tumbling. Dat Xanh Group (DXG) and DIC Group (DIG) were among the hardest hit, dropping by 5.26 per cent and 4.51 per cent respectively. FPT Corporation (FPT), a significant contributor to the index, also fell by over 2.6 per cent.
The financial sector, however, showed resilience with banking and securities stocks rallying. LPBank (LPB) and Eximbank (EIB) led the banking sector's recovery, rising by 3.56 per cent and 1.36 per cent respectively. In the securities sector, notable gains came from MB Securities JSC (MBS) and SSI Securities Corporation (SSI), up 4.27 per cent and 2.66 per cent respectively. Despite this, the software and services sector struggled, declining by 2.48 per cent.
The HNX-Index on the Hanoi Stock Exchange also dipped, closing down 1.99 points, or 0.72 per cent, at 273.16 points. Meanwhile, the VN30-Index managed a slight increase of 0.9 points, or 0.05 per cent, to 1,863.13 points.
The Vietnamese stock market closed the month with losses, primarily driven by a sell-off in the real estate sector and reduced foreign investment. While the financial sector showed strength, it was not enough to offset the broader market's decline.
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