Vietnam stock market hits new low, could go lower

05-Jul-2018 Intellasia | | 6:02 AM Print This Post

VN Index, fell 39 points to 908.26 by 2:25 p.m. Tuesday and VN30-Index fell 3.7 percent to 895.86.

Vietnam’s stock market fell 4.11 percent on Tuesday afternoon, hitting its lowest point this year, following a dramatic plunge in the second quarter.

The country’s benchmark stock index, VN Index, fell 39 points to 908.26 by 2:25 p.m. Tuesday, while the VN30-Index, representing a group of 30 largest capitalisation stocks in the country, also fell by 3.7 percent to 895.86.

The smaller HNX-Index on the Hanoi Stock Exchange and the UPCoM-Index for unlisted companies also dipped 3.7 percent and more than two percent, respectively.

Shares of banks, including Vietcombank and ACB, plunged 4-5 percent.

Meanwhile, blue chip stocks like Vinhomes JSC (VHM), Vingroup JSC (VIC), and steelmaker Hoa Sen Group (HSG) were being sold en masse, driving down the entire market.

This marks a further drop in Vietnam’s stock market after it plunged 18.19 percent in the second quarter this year, making it the worst-performing market in the world.

Local stock companies have anticipated that the VN Index could fall to 900 points and even further.

Vietnam’s stock market had experienced its heyday since last year, when it hit a 10-year high and reached 984.24 points in the last trading session of 2017. It had not broken the 800-point barrier since 2008.

Continuing its good run, the VN Index grew 19.33 percent in the first three months of this year, becoming the best-performing market in the world.

It passed the 1,200-point level on April 9, and has hovered at above 900 since then.


Category: Stocks, Vietnam

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