Shares drop on virus resurgence fears
Shares drop on virus resurgence fears
Vietnamese shares gave up earlier gains to end firmly in negative territory on Wednesday morning after the country confirmed more coronavirus cases, fanning concerns of a prolonged economic downturn due to a new outbreak.
Việt Nam confirmed eight more cases of COVID-19 Wednesday morning, all linked to hospitals in Da Nang, now the country's largest coronavirus hotspot.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HOSE) lost 3.44 per cent to end trading at 785.39 points.
More than 326.9 million shares were traded on the southern bourse, worth VND3.4 trillion (US$147 million).
Market breadth was negative with 361 shares gaining and 26 declining.
The southern market index suffered its biggest daily percentage drop in four months on Monday, losing 5.31 per cent to end the day's trading session at 785.17 points. It then rebounded to gained 3.59 per cent to end Tuesday at 813.36 points.
The new cases intensified fears of another round of Government restrictions and make investors eye the prospect of a second wave of infections fearfully.
The large-cap VN30-Index, tracking the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, plunged 3.66 per cent to close morning trading at 728.50 points.
On a sector basis, all 25 sectors on the stock market decreased, including insurance, securities, banking, real estate, retail, agriculture, information and technology, food and beverage, healthcare, mining, rubber production, seafood processing, logistics, construction and construction materials.
On the Ha Noi Stock Exchange, the HNX-Index also lost 4.32 per cent to end at 103.31 points.
Nearly 32.7 million shares were traded on the northern exchange, worth VND295.4 billion.
The afternoon trading starts at 1 p.m.
