After a week of constant correction, the VN-Index of the Hochiminh Stock Exchange briefly crossed the psychological support level of 1,250 points, and ended June 2024 down by 2.9% to 1,245 points. Most industry groups performed poorly, and in particular, securities companies were affected by rumors surrounding the KRX system. Stocks issued by securities firms such as FTS, BSI, MBS, CTS and AGR edged down by 9-10% in value within a week. Other sectors also experienced significant corrections, including steel, with NKG down 7.28%, HSG down 5.16%, TLH down 10.26% and VGS down 8.51%. Bank stocks declined by 4% to 6%, including TCB, VPB, STB and MBB. Foreign investors remained net sellers throughout the final week of June, with a total value of nearly VND4.54 trillion, primarily targeting FUEVFVND fund certificates and FPT shares. In the year to date, net selling by foreign investors on the HOSE has exceeded VND50 trillion (around US$2 billion). This trend has shown no signs of abating, raising the possibility of new milestones being reached soon. The record high for net selling by foreign investors was set in 2021 at over VND58 trillion. Among the hardest-hit stocks, Vinhomes’ real estate stock VHM has suffered from […]
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