Shares plunged on both national stock exchanges on Thursday morning – the first trading session after the Tet (Lunar New Year) holiday – due to volatility on the global markets given developments of the virus outbreak in China.

On the Ho Chi Minh Stock Exchange (HOSE), the VN-Index slumped 3.29 per cent to 958.82 points by the end of the morning session.

On the Ha Noi Stock Exchange, the HNX-Index dropped 2.43 per cent to 103.7 points.

Both stock indices rose in the last trading day on January 22.

Viet Nam’s stock market moved in line with Asian stocks which fell on Thursday morning as the death toll from the coronavirus outbreak rose to 170, while the number of infected cases were reported to have hit nearly 8,000 around the world.

International experts have warned of a possible recession for the world economy as China – the world’s second-largest economy – would likely suffer a slowdown in economic growth due to the outbreak.

In HCM City’s market, 29 of the top 30 largest shares by market value and liquidity declined, of which 26 lost more than 1 per cent. Biggest losers included Vietcombank, Techcombank, Masan Group, Saigon Securities Inc and insurer Bao Viet Holdings with losses of more than 5 per cent each.

Two big airlines – Vietjet on HOSE and Vietnam Airlines on the Unlisted Public Company Market (UPCoM) – also decreased by 3.4 per cent and 2.9 per cent, respectively.

A total of 145 million shares worth VND3 trillion (US$129 million) were traded in the two markets.

The afternoon trade restarts at 1pm. — VNS