(Bloomberg) -- Vietnamese stocks’ trading volume soared to a record high as speculation the nation’s president may quit hit investor sentiment. 

About 1.74 billion stocks changed hands on the Ho Chi Minh City Stock Exchange on Monday, according to data compiled by Bloomberg. The benchmark VN Index dropped for a fourth session Tuesday, paring this year’s advance to 10%. 

The surge in trading volume comes as investors sell shares before Vietnam parliament’s special session Thursday to discuss “personnel matters” that may include the possible resignation of President Vo Van Thuong, according to people familiar with the matter.

The rumor has “resulted in more dramatic and devastating impact on the market,” Hoang Viet Phuong, head of research and advisory center at SSI Securities Corp., wrote in a note. “Investors’ sentiment is fragile given mounting uncertainties” on policy direction.

Foreign investors were net sellers of Vietnamese stocks last week, taking the outflows this year to $158 million. The dong is trading near its lowest level since November 2022.

©2024 Bloomberg L.P.