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Vietnam’s benchmark VN Index tumbled 3.16 per cent on Wednesday to close at its lowest since May 13, with investors selling briskly as shares extended falls.
Global oil prices battered local energy shares, triggered margin calls on the broader market and wrecked bargain-hunting attempts by investors, said analyst Nguyen The Minh of Viet Capital Securities.
“It’s like World War 3... Investors didn’t pick up battered shares as they expect more falls to come, so better to pull money out and wait for sentiment to level out,’’ Minh said.
PetroVietNam Gas, the country’s biggest firm by market value, dropped 3.88 per cent to 62,000 dong ($3), its lowest close since July 2013, Reuters data showed.
Dairy products maker Vinamilk shed 5.13 per cent to its lowest close since March 2013, while property firm Vingroup also languished in the red, ticking down 4.26 per cent to a five-month low, according to Reuters data.
Strong selling pushed the trading volume to 171 million shares, well above the five-day average level of 111 million, as investors sought to move out of the market, analysts said.
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