Stocks plunge as six-month GDP grows at 10-year low

June 29, 2020 | 14:18

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Local shares extended losses on Monday morning as the market sentiment was hit by a 10-year low of GDP growth.

stocks plunge as six month gdp grows at 10 year low

Local shares sunk on Monday morning after reports showed Vietnam's economy expanded at the lowest pace in 10 years.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange dived 2.19 per cent to close at 833.31 points.

The VN-Index lost total 1.91 per cent last week.

The market tumbled after the General Statistics Office (GSO) reported Viet Nam’s GDP growth was at a 10-year low of 1.81 per cent as the economy was hit by the COVID-19.

The blue-chip tracker VN30-Index fell 2.44 per cent to 776.14 points with 29 of the 30 largest stocks by market value and trading liquidity ending in the red.

Only construction firm Coteccons (CTD) advanced 1.8 per cent while the worst-hit large-cap stocks included HDBank (HDB), VPBank (VPB), insurer Bao Viet Holdings (BVH), SSI Securities (SSI), consumer staples firm Masan (MSN) and retailer Mobile World Investment (MWG).

Mid-cap and small-cap stocks also tumbled, dragging the two trackers down 2.58 per cent and 2.57 per cent, respectively.

The minor HNX-Index on the Ha Noi Stock Exchange plunged 2.00 per cent to end Monday morning at 111.18 points.

The northern market index declined by total 1.65 per cent last week.

Nearly 224 million shares were traded on the two exchanges, worth VND3.05 trillion (US$131.6 million).

The afternoon trading session starts at 1pm.

VNA

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