Shares on Vietnam’s stock market plunged immediately after the opening bell on March 9 as global oil prices jumped about 30 per cent to USD 118 per barrel, after already rising 36 per cent the previous week.
Apart from several oil and transport stocks, nearly all other shares dropped sharply, with many major blue chips hitting their floor prices.
By 9.30 am on March 9, the VN-Index had fallen more than 100 points, or 5.9 per cent, to around 1,660 points. The decline marked the steepest fall on record in both absolute and relative terms. Many leading stocks in the VN30 basket dropped to their daily limits.
Banking shares including ACB, BID, CTG, HDB, SHB, TCB, VPB and TPB all fell to their floor prices.
Stocks linked to Vingroup ecosystem also dropped to their daily limits, including Vingroup (VIC), Vinhomes (VHM), Vincom Retail (VRE) and Vinpearl (VPL).
Shares of securities firm SSI (SSI) and technology company FPT (FPT) also hit their floor prices.
Other major companies such as Hoa Phat (HPG), Masan (MSN) and The Gioi Di Dong (MWG) likewise fell sharply to their limits.
After rising earlier in the morning, several oil and gas stocks including GAS and Petrolimex (PLX) also reversed course and declined.
On the HoSE exchange, 318 stocks were down, including 169 at their floor prices, while only 16 gained and 10 were unchanged.
Liquidity surged to a relatively high level of about VND 13 trillion (about USD 519 million) within the first half hour of trading.
Vietnam’s stock market plunged as global markets were rattled by escalating tensions linked to the conflict in the Middle East.
Rising geopolitical tensions have disrupted key shipping routes and energy supply chains, pushing oil prices sharply higher. On the morning of March 9, WTI crude surged about 30 per cent to above USD 118 per barrel after already jumping 36 per cent the previous week. Brent crude also climbed more than 27 per cent to a similar level.
The crisis in the Middle East has intensified as military clashes and geopolitical tensions disrupt major routes for transporting oil and other strategic goods. The risk of blockages along critical maritime corridors threatens global energy supply and drives up both oil prices and freight costs.
The surge in energy prices has also revived concerns about inflation returning in several major economies. Global financial markets have therefore reacted nervously as investors shift funds into safer assets, causing sharp volatility in stock markets worldwide.
At the same time, prices of key commodities including energy, metals and food have continued to rise, adding further pressure to the outlook for global economic growth.
