Market Recap March 2024 - VN-Index continues its uptrend in March
  • 2024-04-02T00:00:00
  • Strategy

The VN-Index (VNI) continued its uptrend despite several negative events

Several events negatively impacted the market during the month, namely:

1. The SBV resumed T-bill issuance from March 11 to absorb excess liquidity in the banking system.

2. Vietnam’s President resigned after a year in office. 

3. VN-Direct (a top-four securities company in terms of trading market share on HOSE in 2023) was hacked and suspended from conducting transactions for customers (March 25 – 29).

Nevertheless, the VNI managed to rebound to close the month at 1,284.1 (+2.5% in March), supported by the following: 

1. The State Securities Commission released a draft regulation amendment addressing several Circulars, including the removal of the prefunding requirement.

2. Positive developments regarding the Block B gas field project, which secured a final investment decision from Mitsui Oil Exploration Co., Ltd.

3. Ongoing rallies in global stock market indices, including the Dow Jones (+2.1% in March), S&P 500 (+3.1%), and Nikkei 225 (+3.1%), amongst others.

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