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Friday, July 12, 2024

Market picks up despite humble profits

By Trieu Duong

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Despite the lower-than-expected profits of some enterprises in the second quarter, the market is picking up with quite a few companies reporting impressive growth. However, the overall picture of business results in the quarter is not as rosy as expected. 1,200 points successfully conquered After successfully beating the psychological level of 1,200 points last week, the VN-Index sharply rose by another 15 points on July 31, reaching its highest level since September last year. Almost 8.5 points were attributed to VIC and VHM in the Vingroup ecosystem. Along with the increase in the reading, the trading volume remained significant, indicating that investors are excited about the recent positive movements in the market. Notably, this strong upward trend occurred despite the U.S. Federal Reserve’s decision to further raise the federal funds rate by 0.25 percentage point on July 27, its 11th hike since March 2022, with no pause in sight. However, this decision had been foreseen, so investors weren’t greatly affected, as seen in the Dow Jones maintaining an uptrend and reaching its highest point since early 2022. The July report from the General Statistics Office revealed positive signals in the economy, leading to more optimistic growth expectations for the second […]
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