Vietnamese stocks nosedive, $8bn vaporizes
Vietnamese stocks nosedive, $8bn vaporizes
The Ho Chi Minh City Stock Exchange (HoSE) lost nearly VND200 trillion (US$8 billion) in market capitalization amid a stock market crash on Monday.
Many stocks on the Ho Chi Minh City Stock Exchange hit their daily floor prices on August 5, 2024. |
Market breadth was extremely negative with decliners far outnumbering advancers by 448 to 24. Up to 91 stocks closed the session at their daily floor prices.
The benchmark VN-Index plunged a hefty 48.53 points, or 3.92 percent, over Friday last week, at 1,188.07 points due to a massive sell-off.
This was the sharpest fall of Vietnam’s main stock index since April this year.
Most stocks in the VN30 basket, comprising the 30 largest-cap stocks on the HoSE, closed in the red.
All sectors faced correction pressure, with materials, financial services, consumer goods, software, and energy tumbling most significantly.
Trading volume and value surged some 48.6 and 45.1 percent, respectively, with 1.04 billion shares worth around VND23.8 trillion ($945.6 million) changing hands.
On the Hanoi Stock Exchange, the HNX-Index fell 8.85 points, or 3.82 percent, to 222.71 points, with 33 gainers and 171 losers.
