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The nation’s benchmark equity index has erased nearly all of its 2018 gains
It only took about six weeks for Vietnam’s benchmark VN Index to go from being Asia’s best performing stock market in 2018 — advancing as much as 22 percent by early April — to being nearly flat for the year. Bloomberg reported
The gauge slid as much as 1.5 percent intraday Wednesday before finding support near its 200-day moving average and closing up 0.3 percent on the day. The correction was “necessary” and provides a buying opportunity, according to Quynh Cao, the Ho Chi Minh City-based head of institutional sales at Saigon Securities Inc., the country’s largest brokerage.
By Abhishek Vishnoi and Nguyen Kieu Giang