The market continued on its uptrend in the first week of February, but the VNI failed to break above the 500 level. After hitting a 2-year high of 498 on the first trading day after Tet, the market started to pull back. Investor confidence dampened on rumours of devaluation of the dong. At month-end, the VNI closed at 474.6, down 1.1% MoM while the HNI remained flat at 62.6. Turnover on both bourses combined dropped 4% MoM to a daily average of VND1.75tn.