Vietnam Insight

Stocks in the US finished mixed on Wednesday after the Federal Reserve left its funds rate on hold, as expected. The S&P 500 added 0.8% and the Nasdaq Composite advanced 1.5%, both notching new record highs, while the Dow lost 35 points. The Summary of Economic Projections indicated that FOMC member expectations averaged a single 25bps rate cut this year, fewer than the two rate cuts markets are currently pricing in. This hawkish revision came despite a softer-than-expected inflation report earlier in the day, with headline inflation unexpectedly dropping and the core gauge falling more than anticipated.

VNINDEX closed at 1,300.19 (+15.78 points, +1.23%), liquidity in line with the 20-session average. The market had 313 gaining stocks and 124 losing stocks. The groups of stocks that contributed to the market's gain included VPB, VCB, FPT, and HPG, while SAB and POW contributed to the market's decline. Most industry groups rose sharply, especially technology and finance. Foreigners continued to net sell around VND 591 billion.

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