Vietnam stocks plunge as bank concerns trigger sharp sell-off

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Vietnam stocks plunge as bank concerns trigger sharp sell-off

Vietnam News - 8/21/2015 4:27:19 PM

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Vietnam's stocks just had a rough week after bad news kept hitting the markets, prompting many investors to dump a large number of bank shares amid a broad sell-off.

The benchmark VN-Index dropped to 556.30 at the 3 p.m. close on Friday, shedding nearly 17 points compared to the beginning of the week.

Analysts said the recent devaluation of the dong had added to concerns about the profitability of banks.

On Thursday, the central bank suspended the CEO of DongA Bank, one week after placing the partly-private lender under special surveillance for "various violations."

As expected the market did not take the news well, with many investors starting to sell bank shares right from the start of Friday's morning session.

Huynh Anh Tuan of SJC Securities said over the past week many investors had lost more than 20 percent of their fortunes.

Some are still expecting the fall to continue and, as a result, they decide to sell now, hoping to reenter the market when the correction phase ends.

The VN-Index reached a peak of nearly 640 points on July 14, but it began to fall around late July.

Vietnam News reported Friday that recent declines have hurt even the wealthiest tycoons in the country.

Vietnamese property billionaire Pham Nhat Vuong, chairman of VinGroup (VIC), reportedly saw his wealth shrink by around US$67 million between August 11 and 20.

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