JavaScript is off. Please enable to view full site.

Vietnam stock market crashes over corporate scandal

Vietnam stock market crashes over corporate scandal

Tuesday, October 11, 2022, 19:37 GMT+7
Vietnam stock market crashes over corporate scandal
An investor follows stock prices on an electronic board in Vietnam. Photo: Bong Mai / Tuoi Tre

Vietnam’s stocks took a nosedive on Tuesday as investors kept selling amid news of the arrest of the chairwoman of Van Thinh Phat Group, a leading property developer.

On the Ho Chi Minh Stock Exchange, the VN-Index lost a hefty 36.28 points, or 3.48 percent, against the previous day at 1,006.20, the lowest since November 2020, with Bank for Foreign Trade of Vietnam (VCB) and PetroVietnam Gas JSC (GAS) among the biggest losers.

Up to 685 stocks closed in the red, including 222 plunging to the floor prices, while only 173 others managed to gain.

According to securities enterprises, investors turned pessimistic about the market outlook after the central bank raised two policy rates by one percentage point each last month to curb inflation, coupled with rumors about the Van Thinh Phat scandal and soaring risks on the corporate bond market.

Since the beginning of this year, the benchmark has declined over 31.45 percent, making Vietnam among the world’s worst-performing stock markets, as per statistics from website vietstock.vn.

On the Hanoi Stock Exchange, the HNX-Index slid 11.07 points, or 4.82 percent, compared to a day earlier, to close at 218.78, with transaction value remaining sluggish.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Vietnam’s stocks took a nosedive on Tuesday as investors kept selling amid news of the arrest of the chairwoman of Van Thinh Phat Group, a leading property developer.

On the Ho Chi Minh Stock Exchange, the VN-Index lost a hefty 36.28 points, or 3.48 percent, against the previous day at 1,006.20, the lowest since November 2020, with Bank for Foreign Trade of Vietnam (VCB) and PetroVietnam Gas JSC (GAS) among the biggest losers.

Up to 685 stocks closed in the red, including 222 plunging to the floor prices, while only 173 others managed to gain.

According to securities enterprises, investors turned pessimistic about the market outlook after the central bank raised two policy rates by one percentage point each last month to curb inflation, coupled with rumors about the Van Thinh Phat scandal and soaring risks on the corporate bond market.

Since the beginning of this year, the benchmark has declined over 31.45 percent, making Vietnam among the world’s worst-performing stock markets, as per statistics from website vietstock.vn.

On the Hanoi Stock Exchange, the HNX-Index slid 11.07 points, or 4.82 percent, compared to a day earlier, to close at 218.78, with transaction value remaining sluggish.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Binh Phuong / Tuoi Tre News

More

Read more

;

Photos

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news