Thursday , December 1 2022

Stock market posts steepest decline in 30 months

Vietnam’s benchmark VN-Index plummeted by 148 points in September, its biggest decline in 30 months and a steeper drop than most brokerages had forecast.

It has fallen by 24.4% since the end of last year to 1,132 points.

In September, it was among the top 10 worst performing indices in the world.

Foreign investors sold more than VND3 trillion ($125.57 million) worth of securities. The sell-off was more severe than brokerages had predicted.

VNDirect had said that the shortened stock settlement cycle and increased credit quota for some banks would improve the market, and the worst-case scenario was a fall to 1,240 points.

RongViet Securities Corporation even forecast a rise to beyond 1,300 points thanks to the U.S.’s determination to fight inflation.

But the market did not share its optimism.

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