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Vietnam shares nosedive to 2-1/2-year low on global losses, pandemic fears
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
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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.
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.
Hanoi Times
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