Weekly Wrap: Upside likely to be capped in July

Weekly — July 6

The VNI declined by -0.5% WoW after clawing its way back from a tough (-2.7% BDoD) Monday. Breadth on the mainboard was again negative at 128 gainers vs 231 losers, close to an exact repeat of the prior week. The VND was again flat (+1bp) WoW vs the US dollar, but the price of gold reached a new historical high in VND terms (43.3 million VND per ounce) at the second quarter’s close of June 30.