The VN-Index (VNI) rebounded from an 18-month low. After plunging 7.7% in June, the VNI fell to below 1,150 on July 6 (-4.0% MTD) — its lowest level since February 2021. However, following a recovery in global stock markets, the VNI recovered toward the end of the month to close July at 1,206.3 (+0.7% in July). As of end-July, the VNI dropped 19.5% vs end-2021, underperforming neighboring markets such as Indonesia’s JCI (+5.6%), Thailand’s SET (-4.9%) and the Philippines’ PCOMP (-11.3%).

Diversified financials recovered strongly. After tumbling around 25% in June, the diversified financials sector gained nearly 16% in July, led by HCM (+29.2%), VCI (+22.5%) and SSI (+13.6%). This sector was followed by industrials (+5.4%) and banking (+4.1%).

Trading turnover dropped to a 20-month low. Average daily trading value (ADTV) for the three bourses combined plummeted 22.8% MoM to USD585mn and the ADTV of the HSX dropped 20.7% MoM to approximately USD500mn — the lowest levels over the past 20 months. Nevertheless, ADTV for the three bourses in 7M 2022 rose 4.6% YoY to USD1.0bn, with ADTV of the HSX rising 6.8% YoY to around USD860mn.

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