Shanghai-headquartered securities brokerage and wealth manager, BNP Partners reports that Vietnam’s benchmark share index rose the most since October, rallying in late-day trading following recent losses that pulled valuations to their lowest nadir in over three months.

The country’s key VN Index rose 1.9%to close out Tuesday’s trading session at 574.15, reversing a decline in the last hour of trading. The VN Index was the only Asian bourse to gain on a day riddled with negative sentiment linked to China’s economy, oil prices and the prospect of a hike in the US Federal Funds rate later this month.

The market slumped 1.4% on Monday, dropping for a third consecutive day and pulling its valuation to 12.3 times forecast 12-month earnings, its lowest showing since Aug. 27.

“We’re still bullish on Vietnam despite the dong’s weakness. We expect a sharp reversal in the currency’s fortunes as we close out the year. The country’s real estate market is going great guns and there’s been a marked improvement in mortgage lending to a market in which it’s not unusual to see large sums of cash being used to purchase property,” said Yannick Touré, chief economist at BNP Partners.

“Anything below the 575 level represents an oversold condition and, as we’ve seen, smart money is buying the dips so we see strong support,” said Touré.

BNP Partners says it is advising clients to acquire Vietnamese banking stocks like Vietcombank citing strong prospects for the country’s real estate market particularly that of Ho Chi Minh City.

About BNP Partners:
At BNP Partners, they define effective wealth management as an overall strategy that seamlessly integrates their clients’ personal ROI (return-on-investment) aspirations with their investment management prowess.

Whilst today’s markets can often demonstrate the type of characteristics that have served to hamper the efforts of many traditional investment methodologies to secure the returns they once did, BNP Partners continue to secure exceptional returns for their esteemed clients utilizing a meticulously applied combination of those same traditional methods whilst diligently complementing them with new, pioneering techniques.