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Wednesday, June 19, 2024

Many sectors still struggling amidst market surge

By Trieu Duong

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Despite the recent stock market rally, stocks in certain industries have been experiencing modest growth or have even declined against the start of the year. Yet this situation presents an opportunity for reallocating cash to these struggling sectors. Leading the charge The VN-Index ended March 2.5% higher, hence a total increase of 13.6% since the beginning of the year. In contrary to a mere 5.7% uptick in the first quarter of 2023, the positive performance of the VN-Index of the Hochiminh Stock Exchange over the past three months has been striking. Rebounding from its lowest of 1,020 points in early November last year, this benchmark stock index has added nearly 26%. Despite encountering occasional setbacks such as the strengthening of the U.S. dollar against the Vietnam dong, consistent net selling by foreign investors, an overheated gold market, and mounting profit-taking pressure, the stock market has emerged as an attractive investment channel. It has successfully attracted cash which has been gradually withdrawn from bank savings accounts due mainly to low interest rates. Alongside the remarkable upswing of the market in recent months, most sectors have reported positive growth. In particular, bank stocks lead the pack with a surge of over 19% […]
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