Vietnam stock market faces pressure as VN-Index nears 1,700-point support

The Vietnamese stock market has experienced significant volatility and downward pressure. The VN-Index recently fell by over 14 points, marking its sixth consecutive losing session and testing the 1,700-point psychological support level. This decline was largely driven by heavy selling in large-cap stocks, particularly within the Vingroup ecosystem, including VIC, VHM, VPL, and VRE.

Foreign investors have continued a sustained period of net selling, with total outflows exceeding 19,000 billion VND over eight consecutive sessions. FPT has been a primary target for foreign selling, contributing to its recent price decline despite showing some signs of recovery in recent sessions. Other notable stocks facing selling pressure include Gemadept (GMD) and various banking stocks.

In contrast to the broader market decline, certain sectors showed resilience. Securities stocks saw a sudden surge in liquidity, with several tickers such as CTS and BSI experiencing significant gains. Additionally, FPT and HPG managed to post gains amidst the general downward trend.

In the foreign exchange market, the State Bank of Vietnam set the central exchange rate at 25,646 VND/USD. Meanwhile, the interbank market saw a decrease in average VND interest rates across most short-term tenors.