Investors panicked after shares on both national stock exchanges plunged on the afternoon of February 26 without negative information.

The VN-Index on the Ho Chi Minh Stock Exchange declined 3.85 percent to close at 465.05 points, a steeper fall than that of February 21, when rumours swirled about the arrest of the BIDV chairman.

Losers overwhelmed gainers by 231-32, with the other 49 stocks closing flat.

Analysts said that investors were cautious after the misinformation scandal, which drove insecure individuals to sell massively in a move to cut their losses.

Trading was busy, however, with total trading value doubling the previous day’s level to 1.47 trillion VND (70.3 million USD) on a volume of 94 million shares.

Blue chips led the downturn during the day as no shares in the VN30, which tracks the top 30 shares by market capitalisation and liquidity, posted gains. The VN30 slumped 3.8 percent to 536.94 points.

On the other end of the spectrum, several real estate developers saw their shares continue to rise, including Hoa Binh Construction and Real Estate Corp (HBC), Phat Dat Real Estate Development (PDR) and NBB Investment Corp (NBB).

On the Hanoi Stock Exchange, the HNX-Index declined 3.4 percent to finish at 62.01 points on a turnover of nearly 770.6 billion VND (36.9 million USD).

Decliners outnumbered advancers by five to one, with many blue chips slumping such as Sai Gon-Hanoi Bank (SHB), PetroVietnam Construction (PVX), property developer Sacomreal (SCR) and Kim Long Securities (KLS).

Foreign investors were net buyers of nearly 23 billion VND (1.1 million USD) worth of shares on the HCM City exchange but they were net sellers of more than 20 billion VND (957,000 USD) worth of shares on the Hanoi bourse.-VNA