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Vietnam's stock market opened with gains at the beginning of the trading session. However, market liquidity remained low due to cautiousness from investors ahead of the two-day US Federal Reserve's monetary policy meeting on Tuesday and Wednesday this week. Therefore, as long as the selling force was released, the market quickly dropped because there was no support. The VN-Index sometimes fell by nearly 10 points as several blue-chip stocks plummeted.
However, the stock market witnessed an impressive rebound during the afternoon session, as foreign investors returned as net buyers of more than VND120 billion on the HoSE. As a result, the VN-Index turned around from a drop of nearly 10 points to an increase of nearly 10 points at the close, gaining about 20 points during the trading session.
Several sectors experienced a significant boost in stock prices, with the securities sector being the strongest performer. Notable gains were made by SSI with 2.6 percent, CTS with 5.6 percent, VCI with 4.6 percent, FTS with 4.5 percent, VND with 3.1 percent, HCM with 3 percent, and BSI with 2.9 percent. In addition, real estate, construction, and public investment stocks also saw positive gains, with VHM jumping by 6.7 percent and many real estate stocks, such as DXS, DIG, QCG, LCG, and DXG, rising from 3-4 percent.
In addition to the positive gains in real estate and securities stocks, some banking stocks also rallied impressively, with VPB up 3.3 percent and VCB and STB both up 1.65 percent.
The VN-Index recovered 9.33 points, or 0.91 percent, to close at 1,032.43 points, with 279 gainers, 109 losers, and 113 unchanged stocks. Meanwhile, on the HNX, the HNX-Index also restored 1.49 points, or 0.74 percent, to finish at 203.11 points, with 104 gainers, 55 losers, and 183 unchanged stocks.
However, market liquidity remained low, with the total trading value on the two official exchanges reaching only about VND8.9 trillion. Foreign investors returned to being net buyers, purchasing nearly VND128 billion on the HoSE and HNX.
The global gold price also experienced fluctuations prior to the Fed’s monetary policy meeting. This morning, the price of gold in Vietnam reached VND67.5 million per tael in some places.
Following many central banks’ announcements, bullion price spiked at the beginning of the session on March 21, hitting US$2,014, which is not far from the all-time high of $2,072.5 achieved in 2020. However, the price cooled down slightly later. This safe-haven asset has rallied 10 percent in just a few days.
