Vietnam securities stocks nosedive as cyberattack hits leading broker

Vietnamese securities stocks dropped sharply Monday afternoon after leading brokerage house VNDirect Securities said it had not been able to recover from a cyberattack that paralyzed its electronic platforms.

The VN-Index, which represents the Ho Chi Minh Stock Exchange, closed down 1.09% at 1,267.86, higher than an intraday low at 1,265. At the close, there were 351 losers, 119 gainers and 71 staying flat.

The brokerage house said it has been under attack since 10 a.m. Sunday.

“VNDirect Cyber System is under attack and we have been making our best effort to restore the system,” it said.

All customer data and information is protected and safe, it assured investors.

“The occurrence may only affect your current transaction activities. We are in the process of reconnecting the system but due to our big data, it is taking longer than expected.”

The websites of some of VNDirect subsidiaries and affiliates have been affected. The website of Post-Telecommunication Joint Stock Insurance Corporation (PTI), 20% owned by VNDirect, has not been accessible since Sunday.

The same has happened to the websites of I.P.A Investments Group and I.P.A Securities Investment Fund Management Company, both linked to VNDirect.

As a precautionary measure, the Hanoi Stock Exchange has unplugged its connection with VNDirect until the firm completely recovers from the attacks.

VNDirect was the third largest broker on the HoSE last year, with a 7.01% market share.

The firm had VND83.3 trillion ($3.36 billion) worth of exchange-listed financial assets under its management as of end-2023. Its assets totalled VND41.74 trillion ($1.69 billion).

Shares of VNDirect, listed on the HoSE as VND, were dumped Monday with 86.3 million shares changing hands, the second largest trading volume in the ticker’s history. VND closed the session down 1.44% at VND23,950 ($0.97).

Other securities stocks including BSI, FTS, HCM, MBS, ORS, SSI, VND and VCI also ended in the red.