- 2024-07-02T00:00:00
- Strategy
The VN-Index (VNI) retreated slightly in June. The VNI continued to rally in the first half of June, reaching 1,301.5 on June 13 (+1.7% MTD & marking the highest closing level since June 9, 2022). However, the VNI retreated slightly towards the end of the month to close at 1,245.3 on June 28 (-1.3% MoM). The decline in the VNI was attributed to: (1) profit-taking; (2) ongoing strong foreign net selling; (3) continued pressure on the USD/VND exchange rate; (4) higher short-term interest rates (the SBV raised T-bill rates by 25 bps in the last week of June and several private commercial banks continued to increase 6M to 12M deposit rates by 10-30 bps MoM); and (5) a lack of near-term catalysts ahead of business results for Q2 2024. Nevertheless, the VNI increased 10.2% in H1 2024, outperforming regional markets such as the Philippines’ PCOMP (-0.6%), Indonesia’s JCI (-2.9%), and Thailand’s SET (-8.1%).
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