Vietnam Insight

In regular trading on Wednesday, the Dow rallied 1.4% to close at a record higher. The S&P 500 and Nasdaq Composite also popped 1.37% and 1.38%, respectively, with all three benchmarks marking their fifth straight winning day. Those gains came as the Fed held the funds rate steady at 5.25%-5.5% in a widely expected move, but the central bank’s “dot plot” indicated three rate cuts in 2024. The Summary of Economic Projections showed that FOMC expects the funds rate to be at 4.75% by the end of 2024, below their previous projections of 5.25%, as cooler-than-expected inflation reports drove Fed policymakers to revise PCE inflation forecasts downwards, while unemployment and GDP gauges were loosely unchanged.

The VN-Index closed at 1,114.2, down 13.4 points, or 1.19%, on December 14, 2023, with trading volume increasing. While 89 stocks finished in the green, 448 ended in the red. The biggest contributors to the decline were HPG, GAS, and VCB, while the gainers were relatively insignificant. Most sectors were down sharply, with energy, resources, and telecommunications leading the losses. Foreign investors and proprietary traders continued to sell heavily.

• World stocks: The Fed's interest rate decision sent U.S. stocks soaring
• Vietnam stocks: Efforts to overcome the barrier failed
• Business news: #IMP, #TNH, #HAG, #TPB, #VJC, #BCG
• Technical perspective and updated recommendations
• Event calendar
• Q&A