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闪崩、暴跌!外资,猛烈抛售!这国股市,发生了什么?
券商中国·2025-07-29 12:24

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][4]. 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 [4]. - Prior to the crash, the VN Index had reached a historical high of 1566.74 points earlier that day, marking a 45.9% increase from its low in early April [6][13]. 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 [8][3]. - The high valuation of the market, with a price-to-earnings ratio around 15 times, contributed to the adjustment pressure, as corporate profit growth had not kept pace with stock price increases [9]. Sector Impact - The sell-off affected various sectors, with significant declines in securities, banking, and real estate. Notable stocks like DXG and DXS fell over 6%, while others like TCH and HHS dropped nearly 6% [7]. Investor Behavior - Investors were reportedly increasing their leverage levels, with some brokerage firms reaching their margin limits, which could restrict short-term price increases [10]. - The market had seen a strong performance prior to the sell-off, with foreign investors net buying over $400 million in Vietnamese stocks in July, contrasting with outflows from other Southeast Asian markets [16]. Economic Context - Vietnam's GDP growth rate for the first half of the year was reported at 7.52%, the highest for the same period since 2011, which has bolstered investor confidence [17]. - The potential reclassification of Vietnam in the FTSE index could attract up to $6 billion in capital inflows, further influencing market dynamics [19]. Future Outlook - Analysts express concerns about the sustainability of foreign investment support for the market, as any reduction in net buying could lead to unpredictable market adjustments [20]. - The economic outlook remains uncertain due to potential global economic slowdowns and trade tensions, particularly regarding U.S. tariffs on goods transiting through Vietnam [21].