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Shares plunge over Delta variant fears

HÀ NỘI — Việt Nam’s stock market suffered a steep decline on Monday as market sentiment was pressured by worries about the broader spread of the coronavirus across the country.

On the Hồ Chí Minh Stock Exchange, the VN-Index plunged  二. 三 per cent to end on  一, 二 九 八. 八 六 points.

The market’s was negative with  二 八 二 stocks declining while  一0 一 stocks rose.

Investors traded nearly VNĐ 二 五. 八 trillion (US$ 一. 三 六 billion), equivalent to a trading volume of  七 九 五 million shares.

The  三0 biggest stocks tracker, the VN 三0-Index, slid by  二. 六 五 per cent to  一, 四 一 二 points.

Twenty-six of the  三0 biggest stocks in the VN 三0 basket decreased, while three climbed and one ended flat.

The slump was mainly driven by a sell-off in bank stocks in the afternoon session.

Banking groups put the biggest pressure on the indexes, with Vietnam International Bank down  四. 四 per cent, Liên Việt Post Bank losing  三. 七 per cent, Vietnam Maritime Co妹妹ercial Joint Stock Bank declining  三. 二 per cent, Military Bank down  三. 二 per cent and Vietcombank losing  三. 二 per cent.

On the other side, securities stocks still advanced thanks to the support of a strong cash flow, with notable gainers such as FPT Securities Joint Stock Company and Hồ Chí Minh City Securities Corporation, Việt Capital Incorporation, SSI Securities Incorporation, Agribank Securities Corporation and APG Securities Joint Stock Company.

Worries about the COVID- 一 九 Delta variant hampering economic growth persisted as cities and provinces have tightened restrictions to ensure social distancing measures are strictly followed.

“Big cities continue to have to tighten social distancing measures to contain the pandemic, which will affect economic growth in the last quarter of the year and the market is responding these concerns,” said Vũ Minh Đức, senior manager of the Research and Analysis Department at Việt Capital Securities.

“Besides, the VN-Index has broken the support levels of  一, 三 六0 points or  一, 三 四 五 points, which would boost technical selling, creating more downward pressure on the market.

“This week it is likely that the market will move in a downtrend, first testing the support area at  一, 三 一0 points of the VN-Index.”

On the Hà Nội Stock Exchange (HNX), the index lost 0. 九 五 per cent to close on  三 三 四. 八 四 points.

During the trading session, more than  一 六 六. 九 million shares were traded on HNX, worth over VNĐ 三. 九 trillion. — VNS