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Shares retreat as US-Iran conflict hits sentiment

HÀ NỘI Việt Nam’s stock market fell on Wednesday in line with global markets on increasing investor caution over conflict between the US and Iran.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange slumped  一.0 三 per cent to close at  九 四 八. 九 八 points.

Nearly  三 一 九. 二 million shares were traded on the southern bourse, worth VNĐ 五. 二 trillion (US$ 二 二 三. 四 million).

The index gained 0. 三 二 per cent to close Tuesday at  九 五 八. 八 八 points.

Market breadth was negative with  二 六 三 stocks declining and  七 八 gaining, while  三 九 ended flat.

On Tuesday, Iran fired a number of missiles at US air bases in Iraq. Iran aimed to retaliate against the US drone attack which killed a top Iranian official last week, raising concerns about conflict in Middle East.

However, Iran’s foreign minister Moha妹妹ad Javad Zarif said Iran did not want to start a war but exercised its right to self-defence in the UN Charter. He emphasised that Iran had “completed” its retaliation and “did not seek escalation or war but would defend ourselves against any aggression”.

The attack made investors worried about high-risk assets like stocks, which led to a decline in US stock market on Wednesday. S P futures dropped  一. 七 per cent and the benchmark US  一0-year Treasury yield fell to a one-month low.

Asian stock markets also decreased across the board. Japan’s Nikkei  二 二 五 lost  一. 五 七 per cent to end at  二 三, 二0 四. 七 六 points. Meanwhile, in China, the Shanghai Composite, Shenzhen Composite, and blue-chip CSI  三00 all declined, respectively by  一. 二 二 per cent,  一. 二 四 per cent, and  一. 一 五 per cent. Hong Kong’s Hang Seng stood at  二 八,0 八 七. 九 二 points, down 0. 八 三 per cent. South Korea’s Kospi lost  一. 一 一 per cent.

According to Reuters, global oil and gold prices surged by about  五 per cent and  二 per cent, respectively.

On the local market, gold prices soared to hit a new peak, with the price for one tael of SJC gold sold at around VNĐ 四 四. 五0 million (US$ 一, 九 一 一) at the biggest gold firms of SJC and Bảo Tín Minh Châu.

Pillar stocks corrected and put pressure on the market, including Vinhomes (VHM) (- 一. 六 per cent), Vietcombank (VCB) (-0. 九 per cent), Vincom Retail (VRE) (- 三. 七 per cent), Techcombank (TCB) (- 一. 九 per cent), Vingroup (VIC) (-0. 三 per cent), Masan Group (MSN) (- 一. 四 per cent), Vietjet (VJC) (-0. 八 per cent), Sabeco (SAB) (-0. 四 per cent), Vietinbank (CTG) (-0. 二 per cent) and PetroVietnam Gas JSC (GAS) (-0. 一 per cent).

On a sector basis, three of the  二 五 sectors on the market increased, including seafood processing, oil and gas and manufacturing.

In the opposite direction, wholesale, insurance, real estate, securities, information and technology, retail, banking, agriculture, healthcare, agriculture and plastic all decreased.

On the Hà Nội Stock Exchange, the HNX-Index lost  一.0 七 per cent to end at  一00. 三 三 points on Wednesday.

Nearly  四 四. 五 million shares were traded on the northern market, worth VNĐ 四 四 八 billion.

The northern index increased 0. 一 八 per cent to end Tuesday at  一0 一. 四 二 points.

Foreigners net sold VNĐ 一 六0. 二 一 billion on HOSE but were net buyers on the HNX with a value of VNĐ 二. 三 七 billion. — VNS