VN-Index rises as Chinese stocks tumble

The index closed 9.87 points higher after gaining 2.05 points in the previous session.

Trading on the Ho Chi Minh Stock Exchange increased by 9% to VND17.084 trillion (US$687.6 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 22 tickers gained.

ACB of Asia Commercial Bank saw the biggest growth of 2.9%, followed by MSN of conglomerate Masan Group with a 2.4% increase and SSB of SeABank, up 2.3%.

Seven blue chips fell. MWG of electronics retail chain Mobile World slid 1.5%, HDB of HDBank closed 0.7% lower, and VNM of dairy giant Vinamilk went down 0.6%.

Foreign investors were net seller to the tune of VND46 billion, mainly selling VPB of private lender VPBank and MWG.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.11%, while the UPCoM-Index for the Unlisted Public Companies Market was unchanged.

Globally, Chinese stocks tumbled on Wednesday alongside their Hong Kong peers, as investors sought to profit from a blistering rally, which was dampened by the lack of powerful stimulus measures to revive the economy, Reuters reported.

Benchmark indexes in China notched up their biggest daily losses since the Covid-19 pandemic began, with stocks in Shanghai and blue-chips closing down 6.6% and 7.1% respectively, snapping a 10-day winning streak.

Hong Kong's Hang Seng index similarly ended 1.4% lower at 20,637.24 points, though it remains one of the region's best-performing markets this year following its steepest rally in a generation over recent weeks.

MSCI world equity index, which tracks shares in 47 countries, fell 0.2%.

The uncertain mood spilled into European trading, with the continent's squeezing out gains of 0.1%. Elsewhere, Japan's Nikkei rose 1%.