The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) closed last week at 1,244.7 points and the HNX-Index on the Hà Nội Stock Exchange (HNX) was last traded at 235.68 points. However, the following sessions saw a slowdown in the upward momentum, with the market trading sideways around the 1,240 - 1,250 range. Under the +/-5 per cent margin, banks are implementing a ceiling exchange rate of VNĐ25,484 per dollar and a floor exchange rate of VNĐ23,057 per dollar. Historical data showed that whenever the exchange rate rises by more than 2 per cent, the stock market tends to undergo corrections. If the VN-Index surpasses 1,255 points, investors should be cautious of a strong resistance zone at 1,275 - 1,280 points.

Source: Viet Nam News May 12, 2024 09:01 UTC