An investor looks at stock prices on a smartphone at a
brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
 

Vietnam’s benchmark VN-Index plunged 3.19 percent to 1,257.87 points Monday morning, a two-month low, as tightened social distancing measures in Hanoi and southern localities worry investors. 

The index dropped nearly 29 points in the first 15 minutes and continued to fall throughout the rest of the morning before closing with a 41-point drop.

VN-Index is now at its lowest level since May 18 after experiencing strong falls since earlier this month.

Vietnam put 16 southern localities under 14-day social distancing starting Monday, while Hanoi has tightened Covid-19 restrictions and banned public gatherings of over five people.

The VN30 basket, comprising the 30 largest capped stocks, saw 28 tickers in the red, led by MWG of electronics retail chain Mobile World with a 5.7 percent drop after its Bach Hoa Xanh retail outlets were fined for price gouging over the weekend.

Strong falls were also seen in SBT of sugar producer Thanh Thanh Cong–Bien Hoa JSC, down 5 percent, CTG of state-owned lender VietinBank, down 4.8 percent, and TCB of largest private lender Techcombank, down 4.7 percent.

Foreign investors ended a chain of three net buying sessions with a net sale of VND176 billion ($7.65 million), with strongest pressure on KDH of real estate firm Khang Dien House and HPG of steelmaker Hoa Phat Group.