VN-Index surges as global stocks stay mostly steady

The index closed 11.50 points higher after gaining 10.93 points in the previous session.

Trading on the Ho Chi Minh Stock Exchange increased by 9% to VND20.651 trillion (US$828 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 23 tickers gained.

Three state-owned lenders saw the biggest increases. CTG of VietinBank went up 3.0%, followed by BID of BIDV with a 3.0% growth and VCB of Vietcombank, up 2.2%.

Seven blue chips fell. PLX of fuel distributor Petrolimex slid 1.3%, SAB of brewer Sabeco dropped 1.0%, and BCM of Becamex Investment and Industrial Development closed 0.7% lower.

Foreign investors were net seller to the tune of VND218 billion, mainly selling HPG of steelmaker Hoa Phat Group and MWG of electronics retail chain Mobile World.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.47%, while the UPCoM-Index for the Unlisted Public Companies Market went up 0.39%.

Globally, global shares paused on Wednesday after a weeks-long rebound towards record highs, leaving the dollar languishing at 2024 lows as investors hoped for clearer clues on Friday from the Federal Reserve on the magnitude of future interest rate cuts, Reuters reported.

The MSCI All Country index for global stocks was trading down just 0.04% at 824.36 points, less than 1% from its mid-July lifetime high and up 13.4% for the year.

In Europe, the STOXX index of 600 companies was up 0.1% at 512.76 points, nearing its all-time high of 525.59 on June 7.

On Wall Street, the S&P 500 snapped eight sessions of gains with a 0.2% overnight drop as investors took a breather.

Japan’s Nikkei fell 0.3% as a recovery from its collapse in early August runs into resistance around the 38,000 level.