Jan 30, 2020 / 16:29

Vietnam shares sold off as virus fears spread; US$5 billion evaporates

The Hanoitimes - Fears of the nCoV, also known as the Wuhan virus, have sent major bourses in Asia and Europe tumbling.

Investors dumped Vietnamese shares on Thursday, the first trading day after a week-long Lunar New Year holiday, tracking global selloffs driven by fears of the impacts of the deadly China coronavirus.

The benchmark VN-Index ended down 3.22% to 959.58, the lowest since January 8 and erasing its 2019 gains. The gauge lost 3.78% to the intraday low of 954, according to exchange data.

 Source: SSI

The market capitalization of the Hochiminh Stock Exchange dropped some US$5 billion.

Foreign players net sold nearly VND200 billion (US$8.6 million).

Trading volume was moderate at 198.5 million shares, worth VND4.58 trillion (US$196.6 million). Up to 274 tickers fell while 80 stocks bucked the trend and 44 others closed flat.

Losses were led by bluechips as the VN30 Index, comprised of the 30 largest stocks on the Hochiminh Stock Exchange, plunged 3.66%, with just one ticker ending north.

Shares of Vietnamese airlines were the biggest losers today as China is the largest source of tourists in Vietnam and the local aviation authority has suspended flights to the epidemic-hit regions in China. Meanwhile, shares of medicine makers gained.

Fears of the nCoV, also known as the Wuhan virus, have sent major bourses in Asia and Europe tumbling.  

At least 170 people are dead and more than 7,700 cases have been confirmed in mainland China, as the Wuhan coronavirus spreads to nearly 20 countries and territories.