The VN-Index (VNI) suffered its third largest decline over the last year. Global stock markets declined in the first half of May due to fears on inflation and lockdowns in China, but they recovered in the second half of the month as US consumer spending rose, inflation slowed and China announced that it was easing COVID restrictions. The VNI largely followed global market movements, slumping 14.3% in the first half of May to close at 1,171.9 on May 16 — its lowest daily closing level in more than 13 months. Despite the VNI recovering 10.3% before the end of the month to close May at 1,292.7, it still recorded a 5.4% decline in May — its third largest decline over the last year. As of end-May, the VNI dropped 13.7% vs end-2021, underperforming neighboring markets such as Indonesia’s JCI (+8.6%), Thailand’s SET (+0.3%) and the Philippines’ PCOMP (-4.9%).

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