VN-Index briefly surpassed 1,200 before pulling back. Having failed to challenge the 1,200 technical level several times, the VN-Index (VNI) finally pushed above 1,200 on March 18, supported by (1) rallies in global markets supported by passage of the US government’s USD1.9tn stimulus package and (2) Moody’s positive rating action on Vietnam. However, the VNI quickly pulled back by around 3.3% on strong selling before rebounding toward the month end led by strong gains in banking stocks.