Weak economic, trade data strikes VN stocks

Friday, Mar 08, 2019 12:45

Vietnamese shares slipped on Friday morning, dragged by investors' bad mood as weak economic data sparked concerns about a global slowdown. — Photo tinnhanhchungkhoan.vn

Vietnamese shares tumbled on Friday morning on negative sentiment about a potential global economic recession.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange fell 0.84 per cent to close at 985.64 points.

The southern market index dropped 0.05 per cent on Thursday.

Some 124 million shares were traded on the southern market, worth VND2.46 trillion (US$106 million).

The domestic market followed Asia-Pacific markets as weak Chinese export data and lower eurozone economic growth forecasts sparked concerns among investors about a possible global recession.

On Thursday, data from the Japanese government indicated the eastern Asia economy may enter a recession.

Worries amid weak economic and trade data put strong selling pressure on 22 of all 25 sectors, data on vietstock.vn showed.

The worst-performing sectors included banking, financial, petroleum, consumer staples, retail and seafood production.

Those sectors dropped between 0.9 per cent and 1.6 per cent, according to vietstock.vn.

Large-cap stocks were also negative. The blue-chip VN30 Index lost 0.80 per cent to finish at 914.89 points, with 23 of the 30 largest stocks by market capitalisation in the VN30 basket declining.

On the Ha Noi Stock Exchange, the HNX Index decreased by 0.70 per cent to end at 108.12 points.

The northern market index gained 0.58 per cent in the previous two days.

Roughly 42.8 million shares were traded on the northern bourse, worth VND376.7 billion.

The afternoon trading session starts at 1pm. — VNS

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