Business

Vietnam markets tumble due to Syria effect

Both Vietnamese stock exchanges tumbled on August 28 following shaky performance in global markets due to the prospect of the US and allies attacking Syria.
Both Vietnamese stock exchanges tumbled on August 28 following shakyperformance in global markets due to the prospect of the US andallies attacking Syria.

Investors in Vietnam also unloaded shares across the boards to avert risks.

On the Ho Chi Minh Stock Exchange, the VN-Index lost more than 12points, or 2.53 percent, to close the day at 473.30 points.

A heavy slump in blue chip stocks dragged the market down.

None of the markets flagship 30 stocks advanced with 29 losing ground,pushing the VN30 down 2.14 percent to 528.62 points.

However, trading improved as low valuations drew risk-neutralinvestors. Nearly 69.3 million shares worth 1,275 billion VND (60.7million USD) were traded by the end of the session, more than doublingthe previous day's levels.

FLC Group (FLC) was still the most active code with 4 million shares traded after falling 2 percent to 4,900 VND each.

On the Hanoi Stock Exchange, the HNX-Index also gave up 1.18 percent to finish the session at 60.68 points.

Bottom-fishing activities on the northern bourse also pushed up tradeshere. The market volume doubled over the previous day to reach 23.4million shares worth 206.5 billion VND (9.8 million USD).

Sai Gon-Hanoi Bank (SHB) led the northern market with trades of 3.7million shares, dipping 1.5 percent to end at 6,400 VND each.

The foreign sector increased their selling, concluding as net sellerson both exchanges, unloading combined shares worth over 70 billion VND(3.3 million USD).-VNA
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