Title Week 25_Forecast of the number of shares bought/sold by foreign ETFs in the Q2 2024_20240613
Report Type Báo cáo tuần
Source BSC
Bussiness HOSTC
Detail Date : 18/06/2024
Total pages : 15
Language : English
File Type : .PDF
FileSize : 1626 Kb
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Short Content

GLOBAL STOCK MARKETS

Inflation data overshadows hawkish stance from the Fed, S&P 500 hits four consecutive record closing highs. 
The U.S. PPI index fell by 0.2% and the May CPI was lower than expected, supporting the stock market, commodities market, and DXY to gain points.
- The U.S. stock market increased on an average of over 1.3%, while Europe and Asia moved in opposite directions with EU600 - 1.5% and CSI300 - 0.9%.
- Commodity index +1.2%; oil prices +3.9%, gas +2.2%, gold +1.0%.
- DXY index +0.5% and U.S. 10-year Treasury yields -0.2% for the week.
The Fed kept interest rates unchanged in the June meeting and forecasted only one rate cut of 0.25% instead of three cuts as predicted in the March meeting, and believes that long-term interest rates will be higher than previously forecasted. Inflation has cooled but remains high, and 4/12 Fed members do not support rate cuts due to inflation concerns. This stance is more hawkish than market expectations immediately after the inflation report showed signs of stabilization and the U.S. economic data cooled down.
The G7 Summit from 17-19/6; interest rate and monetary policy reports from the central banks of Australia, Switzerland, and the UK are notable information for the next week.
 
VIETNAM STOCK MARKET
VN-Index unable to hold 1,300 points after strong selling at the end of the week.
VN-Index fell by 0.6% with liquidity increasing by 8% compared to the previous week. The market saw sessions with average liquidity increases and large liquidity decreases.
- Exchange rate pressure as the DXY strengthened and deposit rates continued to rise at some banks.
- Bank stocks helped VN-Index surpass 1,300 points, but the excitement did not last long.
- Foreign investors sold a net of 209 million USD, 3.5 times more than the previous week. There was strong selling from the iShares fund closing out. The Fubon fund is expected to raise an additional approximately 150 million USD (depending on investors) in the near future.
The market remains quite unpredictable, with strong fluctuations following directional sessions. Investors still need to cautiously monitor index movements around the 1,280-point support level for short-term trading activities.
UOB Bank forecasts Vietnam's GDP to grow by 6% in the second quarter, continuing the growth momentum from the first quarter thanks to the recovery of the manufacturing and service sectors. Both exports and FDI investments are positive. Inflation rate is below the target, the VND tends to recover, and UOB believes that the SBV will keep the key interest rates unchanged and focus on supporting credit growth.