VN-Index slips as global stocks decline

The index closed 8.07 points lower after gaining 2.40 points in the previous session.

Trading on the Ho Chi Minh Stock Exchange increased by 16% to VND15.711 trillion (US$631.9 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 23 tickers fell.

SSB of lender SeABank saw the biggest decline of 3.6%, PLX of fuel distributor Petrolimex went down 3.3%, and VPB of private lender VPBank slid 2.4%.

Six blue chips gained. VRE of retail real estate arm Vincom Retail led with a 2.6% growth, followed by VHM of property giant Vinhomes with a 2.4% increase and GAS of state-owned Petrovietnam Gas, up 0.7%.

Foreign investors were net seller to the tune of VND768 billion, mainly selling FPT of IT giant FPT Corporation and VCB of state-owned lender Vietcombank.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 0.60%, while the UPCoM-Index for the Unlisted Public Companies Market went down 0.45%.

Globally, shares across the world fell on Wednesday, pummelled by a drop in tech stocks after a record sell-off for U.S. chipmaker Nvidia and as expectations of fading global growth hit riskier assets, pushing oil prices to multi-month lows, Reuters reported.

European shares shed 1% while other major European markets from London to Frankfurt lost around 0.7%. Semiconductor companies were the biggest losers.

Wall Street closed sharply lower on Tuesday, with AI darling Nvidia inking by a record $279 billion as investors checked their enthusiasm for artificial intelligence.

Earlier, stock benchmarks in Tokyo and Taipei led the slump in Asia, each falling more than 3%, while MSCI's broadest index of Asia-Pacific shares outside Japan was last 1.9% lower.