Vietnamese stocks rebounded on Monday as strong gains in banking and materials shares helped lift the VN-Index nearly 24 points, recovering part of the losses after last week’s historic market sell-off.
It is highly possible for Việt Nam’s stock market to be upgraded to emerging market status in September, Deputy Minister of Finance Nguyễn Đức Chi said at the ministry’s press conference on Wednesday.
On the final Friday of June, Việt Nam’s stock market recorded the VN-Index extending its rally to close at the highest level in more than three years, gaining nearly six points to finish at 1,371.04 points.
Despite a strong start in the morning, with blue chips performing well and briefly lifting the VN-Index past 1,370 points, the index lost momentum by the end of the session.
The VN-Index posted a fairly strong performance during the first half of the morning session, peaking at 1,352.01 points, up 5.2 points, before slipping, then recovering in the afternoon to close in positive territory.
Although tensions in the Middle East persisted, investor confidence improved markedly after the weekend, leading to a broad recovery in Việt Nam’s stock market on Monday, accompanied by a rise in net buying from foreign investors.
From the opening of the Monday morning session, selling pressure weighed heavily across the board, dragging the VN-Index down steadily until the close.