Business

Vietnam’s stock market capitalisation reaches 79.2 percent of GDP

Vietnam’s stock market capitalisation increased 13 percent against the end of last year, reaching nearly 3.97 quadrillion VND (169.5 billion USD) by the end of August.
Vietnam’s stock market capitalisation reaches 79.2 percent of GDP ảnh 1Vietnam’s stock market capitalisation reached nearly 3.97 quadrillion VND (169.5 billion USD) by the end of August (Photo: VNA)

Hanoi (VNS/VNA) – Vietnam’s stock market capitalisation increased13 percent against the end of last year, reaching nearly 3.97 quadrillion VND (169.5billion USD) by the end of August.

This value was equivalent to 79.2 percent of the country’s gross domesticproduct (GDP), according to the Ministry of Finance.

Stock indices on the two national stock exchanges increased in August aftertreading water in July.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange rose by nearly 4 percent,ending August 31 at 989.54 points. However, it decreased slightly by 0.6 percentcompared to December 31, 2017.

On the Hanoi Stock Exchange, the HNX-Index grew by 5.6 percent to end the monthat 112.79 points. The northern market index fell over 6 percent against lastyear.

“Although the VN-Index recovered well in August, we notice that capital flowsdid not increase significantly but mainly rotated among different sectors.Therefore, if there is no sudden increase in capital flows, it will bedifficult for the market to move higher,” said Bernard Lapointe, head ofresearch at Viet Dragon Securities, in the company’s investment strategy forSeptember.

Meanwhile, Lapointe said foreign flows will likely be limited following thetrend of moving out of frontier and emerging markets.

Besides, the US Federal Reserve (Fed) will likely raise interest rates by theend of September, which is not supportive for equities.

Vietnam’s Ministry of Finance earlier this month requested authoritiesincluding the State Securities Commission to complete the draft revised Law onSecurities, as well we guiding documents to implement Decree No. 60/2015/ND-CP,which amends and supplements some articles of the securities law.

The ministry also directed relevant authorities to finalise the scheme onrestructuring the securities and insurance markets in the 2017-20 period.-VNS/VNA
VNA
#Vietnam’s stock market #stock market capitalisation #VN-Index #Ho Chi Minh Stock Exchange #Hanoi Stock Exchange #HNX-Index #Fed's interest rate hike #updated Vietnam news #Vietnamplus #Vietnam News Agency
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