VN-Index plummets further amidst coronavirus fears

By Dat Nguyen   January 31, 2020 | 02:32 am PT
VN-Index plummets further amidst coronavirus fears
An investor looks at stock boards at a securities company in Ho Chi Minh City. Photo by VnExpress/Huu Khoa.
The benchmark VN-Index plunged 22.96 points, or 2.39 percent, to 936.62 Friday to reach its lowest level since February 11 last year.

281 stocks lost and 73 gained on the Ho Chi Minh City Exchange (HoSE), on which the benchmark VN-Index is based. This is the second fall after the market resumed trading Thursday after a week-long Tet break.

Order-matched transactions reached the highest so far this year at VND3.97 trillion ($172 million).

The VN30-Index for Vietnam’s 30 biggest market caps fell 3.1 percent, with 25 losing and three gaining.

In this basket, budget airline Vietjet’s VJC led losses with a fall of 7 percent, followed by dairy giant Vinamilk (VNM), down 6.9 percent, and insurance group Bao Viet Holdings (BVH), down 6.8 percent.

Major private lender Techcombank saw its TCB stock fall 5.7 percent, continuing its descent from Thursday.

Most state-owned lenders also fell, with BIDV (BID) down 2.3 percent, Military Bank (MBB) down 2.1 percent, and Vietcombasnk (VCB) down 0.2 percent. BID and VCB had been some of the best gainers in the past months in most sessions, having reported surging profits in 2019.

Major losses were experienced by DPM of state-owned Petrovietnam Fertilizer & Chemicals Corporation, and GMD of port operator Gemadept Corporation, both down 6.8 percent.

Analysts say the VN-Index’s movement has mirrored negative sentiment in key Asian markets, which are seeing major selloffs as a result of the coronavirus epidemic.

Among the three gainers in the VN30-Index, construction firm Coteccons (CTD) led with a rise of 5.3 percent, followed by state-owned bank Vietinbank (CTG), up 0.2 percent, and Vinhomes (VHM), a real estate unit of conglomerate Vingroup, up 0.1 percent.

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