Home / Economy / Banking & Finance
Vietnam shares nosedive to 2-1/2-year low on global losses, pandemic fears
Minh An 16:19, 2020/03/12
The positive signal during today’s trade was even the appearance of bottom-fishing demand that helped the VN-Index rebound from its intraday low

Vietnam shares suffered another wave of broad-based selloffs on March 12 as investors across the globe dumped shares on risk-off mode after the World Health Organization declared the coronavirus a pandemic and the US imposed a Europe travel ban.

The performance of the VN-Index on March 12. Source: Bloomberg

The benchmark VN-Index of the Hochiminh Stock Exchange closed down 5.2% to 769.25, the lowest since August 23, 2017, off from its intraday low of 762.3.

Trade was robust with 339.23 million shares worth VND5.22 trillion (US$224 million) changed hands. At the close, 53 stocks gained, 26 stayed flat, and 344 lost, including 117 that touched floor prices.

The VN-30 Index, comprised of the 30 largest and most liquid tickers, also fell 5.14% to 719.21, with 29 constituents going south at the close.

 Source: SSI

Sentiment went sour after the markets opened after the US stock market entered the bear territory on March 11. The WHO on March 11 tagged the coronavirus outbreak a pandemic for the first time since 2009.

Vietnam has confirmed the 39th case infected with SARS-CoV-2, which is also the fifth case in Hanoi.

Besides selling pressure from foreign players, margin call dampened further investor sentiment.

The VN-Index plunged 6.28% on March 9, the deepest fall in the last 19 years. Since that day, the gauge has lost 13.7%.

The positive signal during today’s trade was even the appearance of bottom-fishing demand that helped the VN-Index rebound from its intraday low.

RELATED NEWS
TAG: VN-Index SHARES Vietnam pandemic
Other news
13:59, 2020/59/28
Vietnam’s listed non-financial firms post V-shaped recovery in Q3
Profits of 347 non-financial firms expanded by 7.4% year-on-year in the first nine months of 2020, equivalent to the rate recorded in the pre-Covid-19 period.
09:39, 2020/39/27
Fitch Solutions revises down Vietnam fiscal deficit to 3.6% of GDP
The economy is likely to stage a stronger recovery in Q4 this year, versus 2.6% y-o-y real GDP growth in Q3.
17:03, 2020/03/26
Vietnam PM dismisses deliberate devaluation of currency
A devaluation of the VND would have serious consequences on macro-economic stability, the trust of investors and the people, resulting in a big loss to the economy, Prime Minister Nguyen Xuan Phuc has said.
12:20, 2020/20/26
Vietnam to benefit most from upcoming review of MSCI Frontier Markets Index
Vietnam could see a weight increase of 13% in the Frontier Markets Index to become the most important market in this Index.
08:37, 2020/37/26
US DFC delegation to visit Indonesia, Vietnam, and Myanmar
While in the Indo-Pacific, the delegation will meet with business leaders and high-level government officials to explore investment opportunities
12:01, 2020/01/22
Foreign investors' perception key to help upgrade Vietnam stock market: Expert
It takes time for foreign investors to study the new regulations and change their perception to the Vietnam’s stock market, stated a senior official at the stock market watchdog.