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Saturday, June 15, 2024

What October holds in store

By Trieu Duong

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In September the VN-Index grew volatile, leading investors to adopt a wait-and-see attitude. With data indicating that the correction phase may not reach a swift resolution, the prospects for October are uncertain. A crucial market adjustment in progress The VN-Index underwent a substantial drop of nearly 80 points in September, marking the second-largest decline of the year. The most significant drop was observed in February, with a 90-point decrease. In contrast to this downward trend, trading volumes remained high. The Hochiminh Stock Exchange (HOSE) reported over 17.87 billion shares traded during the month, following the substantial trading volumes in August and June, with 22.37 billion and 18.2 billion shares traded, respectively. These elevated trading volumes reflect investors’ eagerness to secure profits in light of several negative market indicators. These indicators include increasing inflation, rising exchange rates, and the State Bank of Vietnam’s monetary policy stance. The recent hawkish stance of the U.S. Federal Reserve has also raised concerns about high interest rates. The market showed signs of a new distribution phase even before the September decline. Despite the high trading volumes in August, which marked the second-highest trading volume surge historically, the VN-Index failed to maintain its upward momentum. When […]
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