Finance Ministry demands explanation for HoSE technical glitch

By Quynh Trang, Phuong Dong   January 10, 2022 | 07:26 am PT
Finance Ministry demands explanation for HoSE technical glitch
An investor looks at stock prices on the screens at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
The Finance Ministry has demanded clarification for a 20-minute glitch at the Ho Chi Minh Stock Exchange (HoSE) when the price list was “frozen” but orders were still being matched.

The glitch, which happened at around 2 p.m. Monday, had many investors trading blind. The ministry said the Vietnam Stock Exchange should submit a clarification for the glitch within the day.

Some securities companies sent information to investors, saying there was an error in linking price data with the HoSE.

According to sources in the ministry, it seemed to be a temporary instability problem of the Gateway system that returns market information to securities companies.

The ministry asked HoSE to work urgently with information technology companies and apply technical measures and prepare contingency plans so that the system remains stable in succeeding sessions.

In July 2021, HoSE’s new system was running smoother and faster than before, but investors in several brokerages still had trouble placing orders. The new system was developed in 100 days by FPT Information System staff in order to resolve frequent overload on HoSE’s outdated system that had remained mostly unchanged for 20 years.

On Monday, VN-Index dropped 1.62 percent to 1,503.71 points, the lowest this year, with large profit-taking pressure in the last hour of trading.

The index fluctuated around 1,530 points most of the day but started to plunge in the afternoon and closed nearly 25 points lower.

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