Vietnam Stocks Hit Record Peak

The VN Index climbed 9 points, or 0.5%, to 1,405 in morning trade on Friday, extending gains from the previous session and reaching its highest level on record. The broad index tracked an upbeat session on Wall Street overnight, as fresh labor data raised expectations that the Federal Reserve will implement rate cuts this month. The upturn was driven by a surge in blue-chip stocks, with nearly all sectors trading in the green. Traders are now awaiting the US jobs report, due later today, to strengthen the case for a rate cut ahead of the Fed’s September 17 monetary policy meeting. However, sentiment was also tempered by caution ahead of key Vietnamese economic data set for release on Saturday, including consumer prices, trade data, and industrial production. Among the top performers were Vietnam Pesticide JSC 6.0%), Kon Tum Sugar JSC (4.3%), Ningh Binh Phosphate Fertilizer (3.5%), Ba Ria Hoa Power (2.7%), and Cuulong Fish JSC (0.8%).