TOPI NEWSLETTER WEEKLY June 2, 2023

1- Market information

After 10 consecutive increases, the US Federal Reserve (Fed) paused to further assess the impact of previous moves on the economy. According to the announcement on June 14 after the two-day policy meeting, Fed officials considered not raising interest rates this time a prudent move. However, most of them think they need to increase profits further this year.

A Goldman Sachs research report assessed that Chinese policymakers do not seem to want to use the real estate sector as a short-term stimulus tool. Instead, they want to reduce their economic dependence on this industry. Along with that, housing demand in the world’s second largest economy will continue to decline for many years due to demographic changes, people’s ability to pay as well as shifting focus in support policies. economic sectors. These reasons lead to the real estate industry being forecast to decline.

Implementing the resolution of the National Assembly and the direction of the Government and the Prime Minister on reducing interest rates, supporting people and businesses to increase access to capital, contributing to the recovery of production and business, for the second time. 4 this year, the State Bank adjusted to reduce interest rates, effective from June 19, 2023. Specifically, the maximum interest rate for deposits with a term of 1 month to less than 6 months decreased from 5% to 4.75% per year. The maximum interest rate for demand deposits and deposits with terms less than 1 month remains unchanged at 0.5% per year.

2- Gold market

Last week, the world gold market decreased slightly after the Fed stopped tightening monetary policy in its June meeting. Closing the trading session at 1,958.2 USD/ounce, a slight decrease of 0.1%. Domestically, SJC gold price fluctuated in the opposite direction, increasing slightly by 100,000 VND/tael. Specifically, DOJI Group is listing the buying and selling price of SJC gold at 66.5 – 67.1 million VND/tael. On the contrary, other types of gold jewelry adjusted down during the weekend session.

3- Stock fund certificates

The stock market had a positive trading week. For the whole week, VN-Index increased a total of 7.69 points (0.69%), to 1,115.22 points. Open-ended stock funds still maintain performance compared to the market, the risk level of the portfolio is always maintained lower than the general market. In there, VCBF-MGF stock fund certificates are having the best performance from the beginning of 2023 until now at 18.56%.

4- Bond fund certificates

In the past week, open-ended bond funds maintained stable profits with a positive rate of return of over 2.5%. Among them, VCBF-FIF bond fund certificates are having the best performance level from the beginning of 2023 until now is 4.61%.

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