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Stocks fluctuated on VinFast’s US listing, profit taking pressure and Circular 10. Despite a tumble in the US stock market, which was mainly triggered by Fitch Ratings’ downgrade of the nation’s long-term credit rating to AA+ from AAA on August 5, the VNI gained 2.1% in the first half of the month (closing August 16 at 1,243.3), led by rallies in Vingroup stocks in response to VinFast’s US listing. The VNI then plummeted 4.5% on August 18 — its largest single-day drop since May 13, 2022 — due to profit taking pressure. However, it gradually recovered toward the end of the month and closed August at 1,224.1 (+0.1% for the month), which was mainly driven by the release of Circular 10/2023/TT-NHNN that defers the implementation of additional prohibited lending purposes to support funding for developers, in addition to positive sentiment related to foreign leaders’ visits (e.g., the visit of Singapore’s prime minister and the upcoming visit of US President Joe Biden) and the potential upgrade of Vietnam’s official ties with the US (Vietnam’s largest export market).
At end-August, the VNI had increased 21.5% YTD, outperforming other regional markets such as Thailand’s SET (-6.2%) Philippines’ PCOMP (-6.0%) and Indonesia’s JCI (+1.5%).
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