VN-Index inches up as global shares edge lower

The index closed 1.01 points higher after dropping 9.88 points in the previous session.

Trading on the Ho Chi Minh Stock Exchange decreased by 26% to VND14.051 trillion (US$552.7 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 14 tickers gained.

VIC of private conglomerate Vingroup saw the biggest rise of 2.4%, followed by STB of Ho Chi Minh City-based lender Sacombank with a 2.3% increase and TPB of private lender TPBank, up 2.0%

Eleven blue chips fell. VHM of property giant Vinhomes went down 2.6%, MWG of electronics retail chain Mobile World slid 0.9%, and HPG of steelmaker Hoa Phat Group closed 0.8% lower.

Foreign investors were net buyers to the tune of VND10 billion, mainly buying TCB of private lender Techcombank and FPT of IT giant FPT Corporation.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, rose 0.44%, while the UPCoM-Index for the Unlisted Public Companies Market went up 0.43%.

Global stocks on Wednesday edged lower on investors’ reluctance to place major bets ahead of the U.S. election in two weeks, Reuters reported.

Investors are rethinking how much the Federal Reserve might need to cut interest rates after the most recent U.S. economic data has pointed to an economy that continues to expand and create jobs.

Stocks, meanwhile, are turning lower, but still near record highs, suggesting that equity investors are focusing more on the positives around the economy and earnings – for now, at least.

The MSCI All-World index was 0.1% lower on the day, echoing weakness in Europe, where the STOXX 600 was down 0.1% and in U.S. stock index futures, which also lost 0.1%.

“This week’s stock market price action suggests that the 50th record high for the S&P 500 could be a tough ask with the US election so close,” XTB research director Kathleen Brooks said.