VnExpress International
The most read Vietnamese newspaper
Contact us |
Follow us on            instagram

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.

 
Enjoy unlimited articles and premium content with only $1.99 Subscribe now
 
go to top