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Vietnam’s benchmark VN Index dropped 1.13 per cent to close at 545.19 points on Monday, extending last week’s decline, with most equities heading south in a bear market that has become the region’s cheapest.
Declining shares outnumbered advancers by more than three to one, led by PetroVietNam Gas, Vietnam’s top firm by market value that lost 2.29 per cent to 64,000 dong ($2.98), its lowest close in three-and-a-half months, Reuters data showed.
The market has lost a combined 5.3 per cent over six straight falls as of Monday, and Vietnamese shares were in an over-sold territory as the index’s relative strength index fell below the 30-point benchmark to 23.7 points, Reuters data showed.
The index’s price-to-earnings ratio was 11.95, the least in the region and far below the leading Philippines at 22.78, while foreigners offloaded Vietnamese shares for the fifth session at a net 169 billion dong, Reuters data showed.
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