闪崩、暴跌！外资，猛烈抛售！这国股市，发生了什么？

Core Viewpoint - The sudden sell-off in the Vietnamese stock market on July 29 was primarily driven by foreign investors cashing out after a period of strong market performance, leading to significant declines in major indices and sectors [2][3][5]. Group 1: Market Performance - On July 29, the Ho Chi Minh Index (VN Index) experienced a drop of 4.11%, closing at 1493.41 points, while the VN30 Index fell by 4.38% to 1621.29 points [3]. - The VN Index reached a historical high of 1566.74 points earlier that day, marking a cumulative increase of 45.9% compared to its low in early April [5][7]. - The trading volume surged dramatically, with nearly 14 trillion VND traded within the first hour, causing some brokerage systems to malfunction [5]. Group 2: Causes of the Sell-off - The primary reason for the market decline was the aggressive selling by foreign investors, who net sold over 9390 billion VND during the morning session, focusing on large-cap stocks that had previously supported the index [5]. - The high valuation of the market, with a price-to-earnings ratio around 15 times, has raised concerns about overvaluation, as corporate profit growth has not kept pace with stock price increases [5][6]. - Investors are reportedly increasing their leverage, with some brokerage firms reaching their margin limits, which could restrict short-term price increases [6]. Group 3: Economic Context - The Vietnamese economy showed strong growth, with a GDP growth rate of 7.52% in the first half of the year, the highest for the same period since 2011 [9]. - Foreign investors had net bought over 400 million USD in Vietnamese stocks in July, marking the second month of net inflows, contrasting with outflows from other Southeast Asian markets [9]. - The potential reclassification of Vietnam in the FTSE index could attract up to 6 billion USD in capital inflows, further influencing market dynamics [9].