Vietnam stocks post world’s highest gains in August

By Phuong Dong   September 2, 2020 | 03:00 am PT
Vietnam stocks post world’s highest gains in August
An investor looks at stock prices on a screen at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
Vietnam’s benchmark VN-Index recorded the highest increase globally in August, exceeding that of Nasdaq and S&P 500.

The index, based on the country’s main bourse Ho Chi Minh City Stock Exchange (HoSE), gained 10.43 percent throughout the month to reach 881.65 on August 31.

With the September 1 session included, the index has gained 11.69 percent from a month before and remains the best performer, followed by Russia’s Russel 3000 Growth Index (up 11.49 percent) and the U.S.’s Nasdaq (11.12 percent), according to China-based stock database StockQ.

The gain was based on stable investor sentiment as they adapted to the Covid-19 pandemic resurfacing in the country, said analysts of brokerage firm Mirae Asset Securities Vietnam.

Another factor is that the Vietnamese government has planned a second support package of VND90 trillion ($3.8 billion) this year to revive the economy, they added.

Other factors such as Russia announcing it has successfully developed a vaccine for Covid-19 and the U.S. stock markets reaching new peaks thanks to expectations of relaxed currency policies also contributed to the gain, the analysts said.

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