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Thursday, September 29, 2022

Stocks tumble on Russia-Ukraine military conflict

The Saigon Times

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HCMC – The local stock market tumbled on Wednesday as investors offloaded shares upon the start of the military conflict between Russia and Ukraine.

The VN-Index of the Hochiminh Stock Exchange dropped 1.15%, or 17.45 points, to close at 1,494.85 points today, February 24.

Losing stocks outnumbered winning ones by 396 to 75. Some 1,160 million shares worth more than VND35 trillion changed hands on the southern market, soaring 67% in volume and 56% in value against the previous session.

In the VN30 basket, which comprises the 30 largest caps, 24 tickers dived and only five gained ground. Bank stocks TPB, HDB and CTG suffered the steepest decline as they ended 2.9-3.2% lower.

On the Hanoi Stock Exchange, the HNX-Index lost 1.73%, or 7.66 points, to close at 434,88 points, with 185 losing stocks and only 64 winning ones. More than 158.8 million shares worth some VND4.74 trillion were transacted on the northern market.

Some experts suggested that investors should not sell in panic because stock markets typically crash in the run-up to an invasion but history shows that the impact is short-lived and the markets can quickly rebound.

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