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VCSC Daily - SBV cut policy rates

SBV policy rate cuts already discounted. The SBV finally announced widely expected cuts to policy rates this afternoon. Although the VNI advanced 3.58 points 0.7% to close at 493.57 and the HNI gained 0.19 points to close at 61.12, we think the gains had little to do with the SBV’s actions as they were already discounted by investors. Rather today’s gains were driven by strong foreign buying activity which accounted for 36% of turnover on the HOSE and 28% on the HNX.