- 2022-09-06T00:00:00
- Strategy
The VN-Index (VNI) hit an 11-week high. VNI continued its upward trend from the end of July to hit an 11-week high of 1,295 (intraday) on August 26. Subsequently, stocks retreated as profit booking increased after US Federal Reserve Chair Jerome Powell reiterated a hawkish message to fight inflation. However, the VNI regained its momentum and closed the month at 1,281 (+6.1% MoM) its biggest monthly increase since October 2021. As of end-August, the VNI dropped 14.5% vs end-2021, underperforming neighboring markets such as Indonesia’s JCI (+9.1%), Thailand’s SET (-1.1%) and the Philippines’ PCOMP (-7.6%).
Almost all sectors rallied, except health care. Consumer discretionary (+12.3%) was the best performer as it was driven by MWG (+21.3%) and FRT (+26.4%). Diversified financials (+11.8%) ranked second, which was largely due to SSI (+12.4%), VND (+13.6%) and VCI (+19.1%). PVD (+35.1%) and PVS (+20.9%) led the energy sector’s gain of 9.5%. Meanwhile, the health care sector fell 2.1% due to TNH (-12%) and IMP (-5.4%).
Powered by Froala Editor