VCSC Daily - Rally runs out of steam

Contact us for a free consultation: (+84) 2 8888 2 6868

Rally runs out steam – Yesterday, the Government approved a bailout package worth VND29 trillion or USD1.3 billion which along with introduction of a lending rate cap kick started a strong rally. The package which will include various tax subsidies for businesses was slightly higher than the original VND25 trillion proposal by the Ministry of Finance. However, after gapping up and touching intraday highs both indices retreated as positive sentiment wore off.