The VN-Index (VNI) declined for the second consecutive month: The VNI declined 4.7% from end of October to November 19th to approach the support threshold of 1,200 points. Supportive factors such as October’s strong macro results, the rallies of US stock equities (S&P500: +3.7%; Nasdaq: +4.9%; DJI: +3.6% in the same period) and the US Fed’s rate cut was unable to limit the decline of the VNI due to: (1) ongoing foreign outflows (foreign investors net sold non-stop during this period with a total value of USD565.3mn), and (2) lack of “new” support factors. However, in the last eight trading sessions, the VNI made an effort to bounce back, increasing 3.8% from November 19th to the end of the month, supported by: (1) buying force returned strongly from the support threshold of 1,200 points; (2) foreign investors returned to net buying from November 22nd to the month-end; and (3) investors were anticipating a long list of amended Laws and Regulations and the North-South High-Speed Railway to be approved by the National Assembly at the end of November (the largest investment project ever – see more in our Macro Note published on December 2, 2024).
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