Local markets slump on global tension
Local markets slump on global tension
The benchmark VN Index lost almost 10 points when the market opened on Friday, following reports that the US had dropped a massive non-nuclear bomb on ISIS targets in Afghanistan.
Tension between the US and North Korea also fuelled investor fears of its negative impact on local stock markets.
Towards the end of the morning session, the southern market index bounced back, though it still lost nearly 1 per cent and closed at 717.27 points.
Two-thirds of the shares on the HCM Stock Exchange slumped, while only three of the top 30 companies by market value and liquidity advanced.
Major shares such as Vinamilk (VNM), Vietcombank (VCB), Vietinabnk (CTG), Bao Viet Holdings (BVH), Vietjet Air (VJC) and Masan Group (MSN) all declined.
Speculative stocks, including FLC Group (FLC), Hoang Anh Gia Lai Co (HAG) and its agribusiness arm Hoang Anh Gia Lai Agricultural Investment Co (HNG), and Hoang Quan Consulting Trading Service Real Estate Co (HQC) extended their losses under rising selling pressure.
On the Ha Noi Stock Exchange, the HNX Index dropped by 0.8 per cent to end at 89.3 points, with the number of losing shares almost tripling the winning ones.
A total of 149.5 million shares worth around VND2.4 trillion (US$105.3 million) were traded in the two markets.
The afternoon session starts at 1pm.
