Shares nosedive, VN-Index worstperforms in Asia

Thursday, Mar 12, 2020 08:36

An outlet of Dien May Xanh electronics supermarket in the southern province of Long An, run by Mobile World Group (MWG). MWG hit the floor price on Wednesday after the news about its salesperson tested positive for COVID-19. — Photo

Vietnamese shares plunged on Wednesday with VN-Index recorded as the worst performing in Asia during today's trading session.

On the Ho Chi Minh Stock Exchange, the VN-Index dropped 3.12 per cent to 811.35 points.

The index edged up 0.24 per cent to close Tuesday at 837.50 points.

VN-Index had rallied slightly on Tuesday, helping reclaim some of Monday’s brutal losses, but that failed to translate into improved sentiment on Wednesday as investors were alarmed with widespread of the COVID-19 epidemic across the country with some areas being put under quarantine.

“VN-Index will continually receive support from 780-800 points during remaining sessions of the week. We maintain our opinion that the market will experience alternative ups and downs to retest this support zone several times,” Bao Viet Securities Co (BVSC) said.

“However, after the recent plunge, various stocks became oversold, therefore, the market may possibly soon enter a short recovery from the aforementioned support zone,” it said.

A total of 318.6 million shares worth VND5.5 trillion ($236.4 million) were traded in the southern market.

On Wednesday afternoon, the news about the new flu-like infected cases negatively affected investor sentiment. Notably, the 35th case positive for COVID-19 is a salesperson at a Dien May Xanh electronics supermarket in Hai Chau District, central Da Nang City.

This caused retail stocks such as Mobile World Group (MWG), FPT Retail (FRT) and Phu Nhuan Jewelry PNJ to hit the floor prices.

The large-cap tracker VN30-Index - the main driving factor of the stock market - dropped 3.97 per cent to close 758.16 points.

In the VN30 basket, 28 of the 30 largest stocks by market capitalisation and trading liquidity declined while two increased.

Among the worst-performing large-caps were Bank for Investment and Development of Viet Nam (BID), Vietcombank (VCB), PetroVietnam Gas JSC (GAS), Techcombank (TCB), Vietinbank (CTG), VPBank (VPB), Vietjet (VJC), National Petroleum Group (PLX), HOa Phat Group (HPG), Mobile World Group (MWG), Masan Group (MSN), Vingroup (VIC), Bao Viet Holdings (BVH), Military Bank (MBB) and Sabeco (SAB). Of them, BID, VCB and GAS were the biggest decliners on Wednesday, down by 3.4 per cent, 3 per cent and 2.6 per cent, respectively.

On a sector basis, 24 out of 25 sectors across the market lost ground.

Dragging on the market were energy, agriculture, wholesale, real estate, rubber production, logistics, construction, insurance, technology, retail, healthcare and pharmaceuticals, banking and finance, seafood processing, and food and beverage stocks.

On the Ha Noi Stock Exchange, the HNX-Index decreased 0.64 per cent to end Wednesday at 105.52 points.

The northern market index lost 0.14 per cent on Tuesday, ending at 106.20 points.

Foreign investors net-sold VND245.76 billion on HOSE, including Hoa Phat Group (HPG) (VND59.70 billion), Vietjet (VJC) (VND57.23 billion) and E1VFVN30 (VND47.84 billion). They were net sellers on the HNX with a value of VND14.84 billion. — VNS

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