FOBI and re-emergence of COVID-19 caused correction. After closing 2020 at its highest level since April 2018, the VN-Index (VNI) continued its uptrend in the first half of January, gaining 8.2% to 1,194.2 on January 15 and extending its gain since the end of October to almost 30%. However, the VNI failed to surpass the 1,200 level after several attempts as ‘FOBI’ (fear of being invested) with the long lunar new year approaching led to profit-taking. The re-emergence of COVID-19 with 84 spread