VN-Index inches up as global stocks stay close to record highs

Vietnam's benchmark VN-Index rose by just 0.07% to 1,281.44 points Wednesday while global shares held near all-time peaks.

Vietnam's benchmark VN-Index rose by just 0.07% to 1,281.44 points Wednesday while global shares held near all-time peaks.

The index closed 0.88 points higher after gaining 0.54 points in the previous session.

Trading on the Ho Chi Minh Stock Exchange increased by 1% to VND16.332 trillion (US$656.8 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 13 tickers gained.

GVR of Vietnam Rubber Group saw the biggest growth of 2.0%, followed by SSI of brokerage SSI Securities Corporation with a 1.9% increase and TCB of private lender Techcombank, up 1.5%.

Thirteen blue chips fell. VRE of retail real estate arm Vincom Retail slid 2.7%, VIC of private conglomerate Vingroup closed 1.6% lower, and VHM of property giant Vinhomes went down 1.2%.

Foreign investors were net seller to the tune of VND113 billion, mainly selling HPG of steelmaker Hoa Phat Group and MWG of electronics retail chain Mobile World.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 0.29%, while the UPCoM-Index for the Unlisted Public Companies Market went down 0.02%.

Globally, global stocks held near record highs on Wednesday ahead of the release of results from chipmaking market darling Nvidia, Reuters reported.

MSCI's gauge of all stocks across the globe gained 0.05%, near a record high reached earlier this month, as early August's turmoil receded amid signs policymakers have begun to tame the worst surge in inflation in 40 years.

Europe's benchmark STOXX index climbed 0.25% to a one-month high, boosted by technology stocks ahead of rosy expectations for the Nvidia earnings update later in the day.

Nvidia's market value has ballooned thanks to its dominance of the computing hardware behind artificial intelligence. The stock price is up some 3,000% since 2019 and with a market capitalization of $3.2 trillion, a move in its share price affects the broader market.

The results at the "so-called 'most important company in the world,'" stand between Wall Street and fresh record highs, noted Capital.com analyst Kyle Rodda, and set the tone for the sector.