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Shares tumble over WHO declaration of COVID-19 pandemic
Vietnam News - 3/13/2020 1:10:33 PM
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Shares suffered a steep fall on Thursday as investor pessimism mounted after the World Health Organisation (WHO) declared COVID-19 as a pandemic.
 
On the Hồ Chí Minh Stock Exchange, the VN-Index plunged 5.19 per cent to end at 769.25 points.
 
The index dropped 3.12 per cent to 811.35 points on Wednesday.
 
A total of 339.2 million shares worth VNĐ5.2 trillion ($222.7 million) were traded in the southern market.
 
The movement of VN-Index went in line with the tumble of global stock markets. Fears of the pandemic causing more disruption to the world economy left a trail of red across many markets.
 
European shares plummeted to their lowest in almost four years, with the benchmark STOXX 600 index falling 4.9 per cent.
 
Japan's Nikkei lost 4.4 per cent to hit a three-year low while MSCI's broadest index of Asia-Pacific shares outside Japan fell 4.7 per cent.
 
Australian shares plunged 7.4 per cent to the lowest level in more than three years while Seoul's Kospi dropped 4.8 per cent. Thai shares sank 8.8 per cent to eight year lows.
 
“In the context of WHO declaring COVID-19 as a pandemic, investors should remain cautious and limit disbursement in the presence of risks,” BIDV Securities Co said in its report.
 
The negative performances of major markets globally were also reactions to President Trump's decision to restrict travel between the US and Europe.
 
On the Vietnamese market, the large-cap tracker VN30-Index – the main driving factor of the stock market – dropped 5.14 per cent to close 719.21 points.
 
In the VN30 basket, 29 of the 30 largest stocks by market capitalisation and trading liquidity declined while none increased. One stayed unchanged.
 
Among the worst-performing large-caps were Vietcombank (-6.9 per cent), Vingroup (VIC) (-5.4 per cent), Vinhomes (VHM) (-5.9 per cent), Bank for Investment and Development (BID) (-7 per cent), PetroVietnam Gas JSC (GAS) (-6.9 per cent), Vietinbank (CTG) (-6 per cent), Sabeco (SAB) (-4.9 per cent), Techcombank (TCB) (-7 per cent), VRE (-6.9 per cent), VNM (-0.7 per cent).
 
On a sector basis, all 25 sectors across the market lost ground.
 
Dragging the market were energy, agriculture, wholesale, real estate, rubber production, logistics, construction, insurance, technology, retail, healthcare and pharmaceuticals, banking and finance, seafood processing, and food and beverage stocks.
 
On the Hà Nội Stock Exchange, the HNX-Index witnessed a fifth straight session of decline on Thursday, losing 3.42 per cent to close at 101.92 points.
 
Those stocks putting the most negative impact on the HNX-Index were the Asia Commercial Bank (ACB) (-5.6 per cent), Vicostone JSC (VCS) (-10 per cent) and PetroVietnam Technical Services Corporation (PVS) (-10 per cent).
 
The index had decreased 0.64 per cent to end Wednesday at 105.52 points.
 
Foreign investors maintained a strong net selling status. They net sold VNĐ438.76 billion on the HOSE, including Vingroup (VIC) (VNĐ86.51 billion), Hoà Phát Group (HPG) (VNĐ72.49 billion) and Vietjet (VJC) (VNĐ57.28 billion). Foreigners were net sellers on the HNX with a value of VNĐ12.79 billion. — VNS
 
Read original article here
 
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