- 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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