Ho Chi Minh City shares finished lower Wednesday as investors took fright from the falls in markets around the world.


The VN-Index, the country’s main stock index, gave up
5.03 points, or 1.32 percent, to close at 374.91. Trading volume was
13.2 million shares as 107 stocks declined, 40 advanced and 17 remained
unchanged.


“Local investors are watching international markets
very closely these days with the financial crisis deepening,” said
Nguyen Quang Bao, deputy director of the brokerage business at Saigon
Securities Inc., Vietnam’s largest brokerage. “Overseas investors, who
have often led the market, are buying less than selling, and that has
worried people.


“Some companies have reported positive nine-month
earnings, but there are many others who have delayed announcing sales
reports, spurring speculation results will miss forecasts.”


Mounting concern that the global economy is hurtling
towards a recession sparked more turmoil on financial markets
Wednesday, with Asian and European stocks mirroring sharp overnight US
falls.


Tokyo sank 6.79 percent by the close and Hong Kong lost 5.2 percent as concerns deepened over faltering world growth.


In late morning trading, the London stock market was
down 3.35 percent, while Paris lost 3.44 percent and Frankfurt fell
3.25 percent near the half-way stage.


Madrid slumped by nearly 6 percent, Milan dropped about 2 percent and Zurich was down by almost 3 percent.


Elsewhere in Asia, stocks dropped 5.1 percent in Seoul
to finish at their lowest level for three years, while Sydney ended
with a 3.4 percent loss.


Mumbai lost 4.81 percent, Shanghai lost 3.20 percent and Singapore tumbled 5.19 percent.


Wall Street's Dow Jones index sank 2.50 percent on
Tuesday after several US companies posted weaker-than-expected
quarterly earnings.