Vietnam’s benchmark VN-Index plunged 1,010 points early afternoon Tuesday, the lowest since December 2020, as global market dived amid forecasts that the U.S. could fall into a recession next year.
VN-Index was declining 33 points at 1.40 p.m. after inching up by nearly 7 points Monday.
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 1.93%.
In the last four weeks, VN-Index has fallen 16.52%, the second worst performing benchmark globally behind Russia with a 23.67% fall.
The VN30 basket, comprising the 30 largest capped stocks, was seeing 26 tickers in the red at the time of publishing with TCB of the largest private lender Techcombank and TPB of private TPBank hitting floor prices.
Other declining tickers included VIB of Vietnam International Commercial Bank, VPB of private lender VPBank and MSN of conglomerate Masan Group, all losing around 6%.
GAS of state-owned Petrovietnam Gas was the only blue chip that was gaining at 1.3%.
Foreign investors were net selling at VND69 billion, mainly selling NVL of real estate developer Novaland Group and VND of brokerage VNDirect.
The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, was losing 3.59%, while the UPCoM-Index for the Unlisted Public Companies Market was falling 2.35%.
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