Monday , October 14 2024

VN-Index falls 4% as global stock markets tumble


Vietnam’s benchmark VN-Index fell 3.92% to 1,188.07 points Monday, aligning with a global downturn impacting numerous major indices.

The index closed 48.53 points lower after gaining 9.64 points in the previous session.

Trading on the Ho Chi Minh Stock Exchange increased by 45% to VND23.782 trillion (US$947.4 million).

The VN-30 basket, comprising the 30 largest capped stocks, all closed in red.

GVR of Vietnam Rubber Group saw the biggest decline of 7.0%, followed by VRE of retail real estate arm Vincom Retail with a 6.4% drop and HDB of lender HDBank, down 6.1%.

Foreign investors were net seller to the tune of VND730 billion, mainly selling FPT of IT giant FPT Corporation and HPG of steelmaker Hoa Phat Group.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 3.82%, while the UPCoM-Index for the Unlisted Public Companies Market went down 3.19%.

VN-Index’s plunge was in line with global developments. where multiple stock markets tumbled on Monday, with Japanese shares at one point exceeding their 1987 “Black Monday” loss, as fears of a U.S. recession sent investors fleeing from risk while wagering that rate cuts would be needed to rescue growth, Reuters reported.

Japan’s benchmark Nikkei average closed 12.40% lower at 31,458.42, its largest one-day fall since October 1987, while the broader Topix lost 12.48% to 2,220.91.

European stocks opened 1.8% lower with France’s CAC 40 down 2.1%, Spain’s IBEX down 2.8%, and the UK’s FTSE 100 off 1.7% on fears of a global recession after weak U.S. data.

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