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VN-Index tumbles due to profit-taking selling pressure

SGGP
In the trading session on July 30, the Vietnam’s benchmark VN-Index surpassed the 1,000-point mark right at the beginning of the trading session. However, after touching this mark, the market faced increasing selling pressures, causing several large-cap stocks to plummet, affecting significantly rising momentum of the market.
In the afternoon trading session, selling pressure strengthened, making the VN-Index to retreat to 986 points. Among the VN30-Index basket, only SAB and SBT increased whereas the blue-chip stock VHM lost up to 4.3 percent to VND84,000 per share. This was the reason that caused the VN-Index to sink.


Other blue-chips, including HPG, MBB, VRE and GAS also collapsed, prompting the benchmark to fall by nearly 12 points at the end of the trading session. Foreign investors, after an impressive net buying streak recently, net sold for nearly VND200 billion in the trading session.


The VN-Index dropped 11.92 points, or 1.19 percent, to close at 986.02 points with 89 stocks advancing, 207 declining while 69 standing still.


The HNX-Index shrank 0.86 points, or 0.82 percent, to finish at 104.43 points with 56 winners, 85 losers while 57 stocks remained unchanged.


Market liquidity was still at low level with total trading volume at 188 million shares, worth VND4.1 trillion.

By Nhung Nguyen – Translated by Thuy Doan

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