Vietnam’s benchmark VN Index dropped 0.85 per cent to 551.42 points on Friday, its lowest close since January 6, with most stocks losing ground as both foreign and domestic investors offloaded shares on expectation of further declines.
Around half of the total equities fell, led by PetroVietNam Gas, Vietnam’s top listed firm by market value, which ended 2.24 per cent lower at 65,500 dong ($3.05), a level unseen in more than three months, Reuters data showed.
The index may rebound slightly around its 550-point support level, but extended outflows from foreigners and weak buying demand from cautious domestic investors may hamper the rally, analysts said.
Foreigners extended their net selling position to the fifth straight session, offloading a net 137 billion dong on Friday, while the total volume of 91.6 million shares was slightly above the five-day average of 90.9 million, Reuters data showed.