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Stocks slide in worries over deepening global financial crisis
Ho Chi Minh City shares finished lower Wednesday as investors took fright from the falls in markets around the world.
The VN-Index, the country’s main stock index, gave up 5.03 points, or 1.32 percent, to close at 374.91. Trading volume was 13.2 million shares as 107 stocks declined, 40 advanced and 17 remained unchanged.
“Local investors are watching international markets very closely these days with the financial crisis deepening,” said Nguyen Quang Bao, deputy director of the brokerage business at Saigon Securities Inc., Vietnam’s largest brokerage. “Overseas investors, who have often led the market, are buying less than selling, and that has worried people.
“Some companies have reported positive nine-month earnings, but there are many others who have delayed announcing sales reports, spurring speculation results will miss forecasts.”
Mounting concern that the global economy is hurtling towards a recession sparked more turmoil on financial markets Wednesday, with Asian and European stocks mirroring sharp overnight US falls.
Tokyo sank 6.79 percent by the close and Hong Kong lost 5.2 percent as concerns deepened over faltering world growth.
In late morning trading, the London stock market was down 3.35 percent, while Paris lost 3.44 percent and Frankfurt fell 3.25 percent near the half-way stage.
Madrid slumped by nearly 6 percent, Milan dropped about 2 percent and Zurich was down by almost 3 percent.
Elsewhere in Asia, stocks dropped 5.1 percent in Seoul to finish at their lowest level for three years, while Sydney ended with a 3.4 percent loss.
Mumbai lost 4.81 percent, Shanghai lost 3.20 percent and Singapore tumbled 5.19 percent.
Wall Street's Dow Jones index sank 2.50 percent on Tuesday after several US companies posted weaker-than-expected quarterly earnings.
Thanhnien
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