Vietnam’s benchmark VN-Index dropped 3.48% to 1,006.2 points Tuesday with eight blue chips on the floor as global markets tumbled amid forecasts of the U.S. falling into a recession.
The index closed 36.3 points lower after gaining 6.6 points on Monday. It is now at the lowest since November 30, 2022, having fallen 32.8% since the beginning of this year.
Trading on the Ho Chi Minh Stock Exchange (HoSE) fell by 14.5% to VND12.87 trillion ($539 million).
The NASDAQ Composite Index plunged to a two-year low Monday after JPMorgan CEO Jamie Dimon warned that the U.S. would likely fall into a recession in 2023.
Asian markets also went down. Japan’s Nikkei 225 was losing 2.64% at the time of publishing, while South Korea’s KOSPI Composite Index was falling 1.83%.
The VN-30 basket, comprising the 30 largest capped stocks, saw 28 tickers dropped.
MBB of lender MB, TCB of the largest private lender Techcombank and TPB of private TPBank are among eight blue chips that hit floor prices with a 7% decline.
Other tickers that fell by the same rate included SSI of leading brokerage SSI Securities Corporation, VRE of retail real estate arm Vincom Retail and GVR of Vietnam Rubber Group.
GAS of state-owned Petrovietnam Gas was the only blue chip that gained by 0.1%.
Foreign investors were net buyers for the third straight session to the tune of VND159.92 billion, mainly picking up VIC of private conglomerate Vingroup and DGC of Duc Giang Chemicals Group.
The HNX-Index at the Hanoi Stock Exchange, where mid and small caps list, was down 4.82% while the UPCoM-Index at the Unlisted Public Companies Market was down by 2.73%.
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