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20240705_Market Update Report June

In June 2024, the VN-Index slightly decreased compared to the previous month, ending the month at 1,245 (-1.3% MoM), while market liquidity slightly increased to VND 23,156 billion per session (+5.7% MoM). In June 2024, the Upcom index had the best performance among the three main indices (+0.6% MoM), while the HNX-Index saw the largest decline (-2.6% MoM). Regarding sector performance in June, we notice that the Telecommunications, Consumer Goods and Services, and IT sectors continued to be net bought, focusing on stocks with specific stories. ETFs net sold USD 105 million (+22% MoM) in June 2024. TVS Research believes that the net selling by ETFs in the stock market could be due to several factors: (1) the risk of the USDVND exchange rate increasing towards the end of the year, (2) funds tending to restructure their portfolios and shift to other markets such as the US and India. In July, we expect that the VN-Index will continue to move sideways in the range of 1,250 – 1,300 as negative and positive factors balance each other out in the market.

20240705_Macro Update Report June

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