Last update: 14:42 | 12/10/2018
Vietnamese shares nosedived on Thursday as both local and foreign investors fled in panic following a red tsunami on global markets.
The benchmark VN Index of the Ho Chi Minh City Stock Exchange (HOSE) lost 48,07 points, or 4.84% - the deepest fall in more than eight months, to end at 945.89 – the lowest since July 27, exchange data showed.
Sentiment became sour since the opening session and the gauge once plummeted 5.5% in the morning. Investors dumped shares across the board, sending 300 stocks ending in red while just 30 tickers managed to close in positive territory. All the 30 members of the bluechip benchmark VN30 ended in red.
Volume was heavy with 353.53 million shares worth VND7.81 trillion (US$333.8 million) changed hands on the HOSE as a large number of players bought in dips.
Overnight on Wall Street, the Dow Jones Industrial Average dropped by 831.83 points to 25,598.74, the Nasdaq Composite fell 4% to 7,422.05, and the S&P 500 dropped 3.3% to 2,785.68.
Both the Dow and S&P 500 posted their biggest one-day drops since early February, while the Nasdaq marked its largest single day sell-off since June 24, 2016.
The contagion effect spread to Asian bourses today. The Nikkei 225 dropped 3.89%, the Hang Seng Index 3.54% while the Shanghai Index lost 5.22% - the biggest among Asian peers.
Andy Ho, the CIO of fund manager VinaCapital, told local press on Thursday said that the sell-off provided a change to buy in. The fundamentals of the Vietnamese stock market now are much better than those in 2007, evidenced by more crowded listings and EPS growth of 16-18% annually.