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This Day In Market History: Vietnam Stock Exchange Opens

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This Day In Market History: Vietnam Stock Exchange Opens

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened?

On this day 18 years ago, Vietnam opened its first stock exchange.

Where The Market Was

The Dow Jones Industrial Average closed the day at 10,843.87 and the S&P 500 traded at 1,495.57. Today, the Dow is trading at 25,029.27 and the S&P 500 is trading at 2,804.49.

What Else Was Going On In The World?

In 2000, Hillary Clinton was elected to the U.S. Senate in New York. “How The Grinch Stole Christmas” was the highest-grossing movie in the U.S. The average price of a new house was $134,150.

Vietnam Goes Public

Twenty-five years after the fall of Saigon, Vietnam officially inaugurated the Ho Chi Minh City Securities Trading Center on July 20, 2000. Trading officially began eight days later. At the time, the Vietnam exchange listed only two stocks: Refrigeration Electrical Engineering Joint Stock Corporation and Telecommunication Material Joint Stock Company.

Foreign investors were initially limited to just 20 percent ownership of Vietnamese equities, but that limit was lifted to 30 percent just three years later and to 49 percent in 2005. In August 2007, the exchange was updated and renamed the Ho Chi Minh Stock Exchange.

The exchange uses an automated order matching system with a capacity of just 300,000 orders per day. Daily stock price fluctuations are capped at 7 percent above or below the previous day’s closing price.

Today, the exchange has 396 listings and a total market cap of $148 billion.

Related Links:

This Day In Market History: The Dow's Final Pre-Crisis Milestone

A View On The Vietnam ETF

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