- The VN-Index (VNI) rallied further in June. Following an increase of 2.5% in May, the VNI extended its rally as it advanced 4.2% in June. The rally of Vietnam’s stock market in June was fueled by monetary easing (the State Bank of Vietnam announced policy rates cuts on May 23 and June 16) and fiscal support (the National Assembly approved a VAT cut on June 24 and the MoF announced reductions in 36 types of fees, effective from July 1 to December 31, 2023). In June, the VNI increased 11.2% YTD, outperforming other regional markets such as Thailand’s SET (-9.9%) Indonesia’s JCI (-2.8%) and the Philippines’ PCOMP (-1.5%).

- All sectors gained; financial services continued uptrend. The basic materials sector was the top performer (+13.2% in June) and was mainly driven by HPG (+23.3%) and DGC (+19.0%). Basic materials were followed by healthcare (+10.6%), which was primarily supported by DHG (+16.7%). Meanwhile, financial services (excluding banks, insurance and real estate) continued to rise, increasing 7.6% in June (following increases of 13.5% in March, 3.7% in April and 13.8% in May) thanks to rallies from most tickers in the sector. 

- Trading turnover reached the highest level since April 2022. Average daily trading value (ADTV) of the HSX and the three bourses combined jumped to USD723.5mn (+38.4% MoM & +15.8% YoY) and USD843.8mn (+36.2% MoM & +12.0% YoY), respectively, marking the highest levels in 14 months. 

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