The Vietnam’s benchmark VN-Index dropped after two-day recovery. The measure of 344 stocks on the Ho Chi Minh City Stock Exchange slid 2.2 points, or 0.25 percent, to close at 887.44 points. Foreign investors also contributed to the VN-Index’s loss when continuing to net sell more than 5.7 million shares, worth VND115.6 billion.

 In Ha Noi, the HNX-Index also sank 0.66 points, or 0.65 percent, to 101.27 points.

The strongest down trend came in NVL stock of real estate group Novaland, falling to a three-month low on January 8 as investors continued to dump shares heavily on information that the Ho Chi Minh City Government has temporarily halted the process of changing the land use purpose of seven projects of the company in Phu Nhuan District.

Novaland Group’s NVL shares lost by VND4,300 per share to close at VND57,700 per share after falling VND1,200 per share in the trading session a day earlier. Noticeably, in this trading session, foreign investors net sold 460,000 shares of NVL. Thus, NVL has declined VND5,500 per share, or 8.7 percent, causing a loss of VND5.1 trillion in its market cap.

By Nhung Nguyen – Translated by Thuy Doan