Brokerages lose connection to main stock market due to power outage

By Minh Son   July 5, 2024 | 02:40 am PT
Brokerages lose connection to main stock market due to power outage
An investor looks at stock prices on a smartphone at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
A power outage at a backup data center on Friday morning resulted in several stock brokerages losing connection to Vietnam’s main bourse, the Ho Chi Minh Stock Exchange (HoSE).

Affected brokerages, including MBS and Funan, reported connection issues from 10 a.m. that prevented investors from trading on the HoSE. Some firms had to tell their customers to contact their brokers to place trade orders.

During the hour-long disruption, Vietnam’s benchmark index VN-Index was fluctuating in the range of 1,280-1,284 points.

The power was restored by 11 a.m. and trading at these brokerages returned to normal.

HoSE explained that the problem was due to a power outage at its backup data center in the Quang Trung Software City (QTSC) and affected securities firm who had IT equipment there. The bourse assured that their trading system operated normally during the incident.

The QTSC, located in Tan Chanh Hiep Ward in HCMC’s District 12, is the first and largest software park in Vietnam.

It was established in March 2001 and has attracted over 140 IT companies, including six firms with more than 1,000 employees and 650 products. Around 21,600 people regularly study and work in the area.

A similar incident happened in September 2018 where a power outage at QTSC caused connection issues for several online newspapers and news sites for a few hours.

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