BỘ GIÁO DỤC VÀ ĐÀO TẠO

TRƯỜNG ĐẠI HỌC NGOẠI THƯƠNG

------***------

BÁO CÁO TỔNG KẾT

CÔNG TRÌNH THAM GIA XÉT
GIẢI THƯỞNG “SINH VIÊN NGHIÊN CỨU KHOA HỌC”
NĂM 2023

FACTORS INFLUENCE ON THE

VNI STOCK MARKET AND
RECOMMENDATIONS FOR FOREIGN INVESTORS

Thuộc nhóm ngành: Khoa học tự nhiên

 BỘ GIÁO DỤC VÀ ĐÀO TẠO
TRƯỜNG ĐẠI HỌC NGOẠI THƯƠNG
------***------

BÁO CÁO TỔNG KẾT

CÔNG TRÌNH THAM GIA XÉT
GIẢI THƯỞNG “SINH VIÊN NGHIÊN CỨU KHOA HỌC”
NĂM 2023

FACTORS INFLUENCE ON THE

VNI STOCK MARKET AND
RECOMMENDATIONS FOR FOREIGN INVESTORS

Sinh viên thực hiện: Trần Hoài An Nam/ Nữ: Nữ

Bùi Thị Thùy An
Phạm Ngọc Anh
Nguyễn Đặng Hoài Thương
Nguyễn Đào Ngọc Bích
Dân tộc: Kinh
Lớp, khóa học: K59CLC3/ K59CLC5 Năm thứ: 3/ Số năm đào tạo: 4
Ngành học: Kinh tế đối ngoại

Người hướng dẫn chính: Tiến sĩ Nguyễn Quỳnh Hương

Table of Contents
Table of Contents.........................................................................................................................i
Abstract..................................................................................................................................... iii
LIST OF ABBREVIATIONS..................................................................................................iv
LIST OF TABLES..................................................................................................................... v
CHAPTER 1. INTRODUCTION.............................................................................................1
1.1. Reasons for choosing the topic.......................................................................................1
1.2. Research question............................................................................................................ 2
1.3. Objectives of the study....................................................................................................2
1.4. Object and scope of the study.........................................................................................2
1.5. Research Methods...........................................................................................................2
1.6. Research Significance.....................................................................................................2
1.7. Research structure..........................................................................................................2
CHAPTER 2. LITERATURE REVIEW.................................................................................3
2.1 Background theory........................................................................................................... 3
2.1.1 VN-Index:................................................................................................................... 4
2.1.2 Interest rate (%, IR)..................................................................................................5
2.1.3 Exchange rate (%, Exc).............................................................................................5
2.1.4 Index of industrial production ( %, IIP)..................................................................5
2.1.5 Money supply 2 (billion VND, MS2).........................................................................6
2.1.6 World oil price (USD, OP)........................................................................................7
2.1.7 World gold price (USD/Oz, GoldEx)........................................................................7
2.1.8 Treasury bills of the Vietnamese government (USD, RF).......................................7
2.1.9 Foreign Direct Investment (million USD, FDI).......................................................8
2.1.10 Consumer Price Index (%, CPI).............................................................................8
CHAPTER 3. METHODOLOGY & DATA...........................................................................9
3.1 Data................................................................................................................................... 9
3.2. Methodology.................................................................................................................. 10
 3.2.1 Expectation............................................................................................................... 10
3.2.2 Regression model.....................................................................................................17
CHAPTER 4. RESULTS........................................................................................................18
4.1 Checking for multicollinearity by the correlation coefficient.....................................18
4.2 Checking for heteroskedasticity....................................................................................19
4.3 Checking for hypothesis.................................................................................................20
4.4 Time series regression....................................................................................................22
CHAPTER 5. CONCLUSION................................................................................................24
5.1 Summary of the research process and results..............................................................24
5.2. Limitations of the study and further directions for future research:........................25
5.2.1. Limitations of the study..........................................................................................25
5.2.2. Further directions for future research:.................................................................26
REFERENCES........................................................................................................................... I
APPENDIX: DATA DISPLAY...............................................................................................V
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Abstract
One of the few sectors with a higher potential for growth than others is the stock market,
both generally and in Vietnam particularly, and it has made some notable advancements
considering the Covid-19 pandemic. International investors will benefit greatly from using the
research on the effects of macroeconomic factors on stock prices in the Vietnamese stock
market, the VNIndex, which displays the pattern of price movements for all stocks listed on the
Stock Exchange, the HOSE stock exchange, or Ho Chi Minh City Stock Exchange in the period
before and after the Covid-19 pandemic. A source of reference for the government, domestic
investors, and particularly foreign investors to get more evidence on which factors directly or
indirectly affect the stock market environment, the research focuses on the period from
01/01/2012 to 31/12/2022, and results drawn from the actual situation of factors affecting the
price of shares listed on the Vietnamese stock market. The characteristics of Vietnam's stock
market, with a large capitalization of companies in the oil sector, and the structure of Vietnam's
economy, with export heavily dependent on the FDI sector, are to suspect of the differences in
the regression results on the impact of exchange rate and oil price.
 iv

LIST OF ABBREVIATIONS

CPI Consumer Price Index

Exc Exchange Rate

FDI Foreign Direct Investment

GoldEx World Gold Price

IIP Index Of Industrial Production

IR Interest Rate

MS2 Money supply M2

OP World Oil Price (WTI)

RF Treasury Bills of Government

VNI VN-Index
 v

LIST OF TABLES
Table 1: Expected effect of the variables on VNI flatform in Vietnam stock market
Table 2: Table of correlation between variables
Table 3. Stata results of time series regression, full set of variables
Table 4. Stata results of time series regression during Covid, full set of variables
 1

CHAPTER 1. INTRODUCTION

1.1. Reasons for choosing the topic

The stock market, both globally and in Vietnam specifically, is one of the few industries
with greater potential for development compared to others and has made a number of
noteworthy strides in light of the Covid-19 pandemic.

Regarding worldwide stocks and those of other nations in the area, Vietnam's stock
market is still essentially on par with the global market, but with a minor lag. Despite the
Covid epidemic's impact on Vietnam's economy, the stock market has been able to grow
steadily, and go deeper, with stability and high specialization during this challenging period.
Vietnam's stock market is a frontier market with rapid development and a solid economic base,
indicating that it might be a prospective investment channel for foreign investors.

Stock markets in different countries will have different influencing factors. The stock
market in Vietnam has fluctuations from time to time. Therefore, foreign investors must always
be aware of the factors affecting stock prices so that they can make profitable investment
decisions and limit risks. Many economic conditions have an impact on investor profit or loss
either directly or indirectly. These elements can forecast how it may affect investors' returns.
As a result, for many years, the factors affecting stock prices have always been the topic of
financial researchers as well as investors in general and foreign investors in specific.

The research on the impact of macroeconomic factors on stock prices in the Vietnamese
stock market, particularly the VNIndex, which displays the pattern of price movements for all
stocks listed on the Stock Exchange, the HOSE stock exchange or Ho Chi Minh City Stock
Exchange in the period before and after Covid-19 pandemic will be highly beneficial for
international investors to utilize as a source to make the appropriate decision about whether or
not to pour capital flow into investing stocks in the Vietnamese market.
 2

1.2. Research question

- What factors affect the stock price?

- What level of impact do economic indicators have on share prices?
- How did VNI perform during Covid-19?
- Is Vietnam an attractive place to make investments?

1.3. Objectives of the study

- Find models that explain how economic conditions affect stock market pricing.
- Test the model's performance and the effect of economic data on stock prices.

1.4. Object and scope of the study

- Research object: macroeconomics factors affecting the stock market price of VNIndex
- Scope of the study: research focuses on the period from 01/01/2012 to 31/12/2022

1.5. Research Methods

The study utilizes two main methods, which are qualitative and quantitative methods:
- Qualitative method: Based on previous studies and theoretical basis system to identify
influencing factors and their impact on stock prices of companies listed on VNIndex.
- Quantitative method: observations recorded as numbers, database, secondary research

1.6. Research Significance

Research results drawn from the actual situation of factors affecting the price of shares
listed on the Vietnamese stock market will be a source of reference for the government,
domestic investors, and especially foreign investors to get more evidence on which factors
directly or indirectly affect the stock market environment.

1.7. Research structure

The structure of this study is divided into five main chapters:

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- Chapter 1: Introduction
- Chapter 2: Literature review
- Chapter 3: Methodology and Data
- Chapter 4: Results
- Chapter 5: Conclusion

CHAPTER 2. LITERATURE REVIEW

2.1 Background theory

More papers that investigate components using the OLS regression model have been
discovered in recent years. Hanif and Bhatti (2019) accurately described the correlation, unit
solution, OLS regression, and Granger test of variables. The author has specifically gathered
eight macroeconomic variables in Pakistan, including gold prices, industrial production,
inflation, money supply, interest rates, and remittances from Islamic and stock markets. The
study's time frame is July 2011 to October 2016. According to research findings, there is no
correlation between the two categories of stock indexes over the short term. While gold prices
and exchange rates have little impact on the domestic stock index, industrial production and the
amount of money in circulation have a significant impact on the price of securities.

We are indeed interested in empirical research that has been done on Vietnam's new
stock exchanges. According to one the research conducted by Hussainey and Khanh Ngoc
(2009), there is a subtle connection between variables like domestic manufacturing, the money
market, and stock prices in Vietnam.

Also, DAO et al. (2022) have examined the impact of macro factors on Vietnam's stock
market in the short and long run from 2010 to 2021 through the ARDL model. In the long run,
the money supply had a positive effect on the VN-Index, while the exchange rate had the
opposite effect. In the short term, interest rates and exchange rates had a negative impact, while
the world oil price and the fluctuation of money supply M2 had an impact in the same
 4

direction. The differences in the regression results on the impact of exchange rate and oil price
are due to the characteristics of Vietnam's stock market, with a large capitalization of
companies in the oil and gas sector, and the structure of Vietnam's economy with export
heavily dependent on the FDI sector.

Acquiring prior outcomes and proceeding with the application to the Vietnamese stock
market by identifying the gap left by recent research. The OLS model and hypotheses will be
specifically examined and applied in this paper.

2.1.1 VN-Index:

VN-Index is an index representing all stocks listed and traded on HoSE since the stock
market came into operation. The index is based on the market value weighting method, which
is based on the dominance of each stock used.

VN-Index has an initial base value of 100 points and the base date is the first day of
official market operation on July 28, 2000.

The VN-Index is calculated as follows:

Total current market value

VNIndex =( ) x 100
Total original market value
Or: 
n

∑ ( P 1i x Q1i )
i=1
VNIndex = n x 100
∑ ( P 0i x Q 0i )
i=1

P1i: Is the current market value of stock i

Q1i: Number of shares i listed at the moment
P0i: Market value on the base date of 28/07/2000 of stock i
Q0i: Number of shares i listed on the base date
 5

i= 1, 2, 3, 4,…n

VNI is more representative than some other indicators, such as the HNX index, VNI 30,
SSI index, etc., due to the capitalization scale, operating time, numerous listed firms, as well as
a significant number of investors participating. The closing price on the last trading day of each
month is used to calculate the stock price index Variable, which is measured in units of points.
Information was gathered from the State Securities Commission's website. The majority of the
companies with shares listed on HOSE are well-capitalized, financially stable, run efficient and
open businesses, and disclose information in accordance with legislation. HOSE will
occasionally carry out delisting procedures for specific floor businesses. They are proof that
VNI can effectively reflect the Vietnam stock market.

2.1.2 Interest rate (%, IR)

The rate that the borrower pays to the lender for the money they borrow. Interest rates
exert a widespread effect on economic decisions and the performance in the economy. They
impact the willingness to save the demand for and distribution of borrowed funds. Along with
foreign interest rates, anticipated changes in the exchange rate, and the expected rate of
inflation, they eventually determined the distribution of accumulated savings between domestic
and foreign financial assets and physical assets.

2.1.3 Exchange rate (%, Exc)

The rate at which one currency will exchange for another is known as the exchange rate.
It is also regarded as the value of a country's currency expressed in another currency.
Compared to other currencies, the USD is most commonly used and used by most businesses in
international payment contracts. Exchange rate data collected from the website of the State
Bank, taken from the exchange rate between USD and VND, this Variable represents the
foreign exchange market.
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2.1.4 Index of industrial production ( %, IIP)

The total amount of production activity that happens in the country during a particular
period as compared to a reference period. The index of industrial production is a crucial metric
for assessing the prosperity of many industries and the economy. It comprises important
industries including manufacturing, mining, electricity, etc..

2.1.5 Money supply 2 (billion VND, MS2)

The total amount of money—cash, coins, and balances in bank accounts—in circulation
is known as the money supply. The money supply is typically understood as a collection of
secure assets that individuals, businesses, and governments can use to make payments or hold
as short-term investments.
The monetary base, M1, and M2 are three examples of common metrics of the money
supply:
+ The total amount of money in circulation and reserve balances is known as the monetary
base (deposits held by banks and other depository institutions in their accounts at the
Federal Reserve).
+ M1: the total of money held by the public and transaction deposits at depository
institutions (which are financial institutions that obtain their funds mainly through
deposits from the public, such as commercial banks, savings and loan associations,
savings banks, and credit unions).
+ M2 consists of M1 plus savings accounts, small-denomination time deposits (those
issued in quantities under $100,000), and retail money market mutual fund shares.
A precise measurement of the real quantity of money will be chosen based on the
measurement of the amount of money that best aids in predicting the best economic variables,
on which the value of the currency has an equal impact to the inflation rate and business cycle.
Most nations employ M1 or M2. We only examine M2 in our study since M2 is a larger
measure of the money supply than M1, which only includes cash and bank accounts. M2 is
extensively monitored as a measure of the money supply and anticipated inflation, as well as a
 7

target for central bank monetary policy. Furthermore, in Vietnam MS2 is mostly used when it
comes to research and measurements.

2.1.6 World oil price (USD, OP)

The global price of crude oil is the price at which oil is traded worldwide, and it is
determined by a variety of factors, including supply and demand, economic conditions,
geopolitical events, and other factors that impact the global oil market. Brent crude and West
Texas Intermediate (WTI) crude are the most commonly traded benchmark crude oils used to
set the price for most of the world's oil. Oil prices are usually quoted in US dollars per barrel
and have a significant impact on the global economy because they affect the cost of
transportation, manufacturing, and other industries that rely on oil. Consequently, changes in
world oil prices can create a ripple effect throughout the global economy.

2.1.7 World gold price (USD/Oz, GoldEx)

World gold price is the rate of exchange for gold on the international gold market and is
used as a crucial measurement for this global market, whereas gold prices in one national
market are essential to other nations’ markets. Gold is a practical resource that can be counted
as a currency since it full-fil three binding competencies: relating to cash or money, being one
type of commercial resource endowments, and non-creation resources. The features of the
world gold price create valuable resources for financial investors and cross-border governments
thus world gold price become an essential part of global economic integration.

2.1.8 Treasury bills of the Vietnamese government (USD, RF)

Treasury bills of the Vietnamese government, also known as T-bills, are short-term
government securities issued by the State Treasury of Vietnam on behalf of the government.
These securities have a maturity period of less than one year, typically ranging from three
months to 12 months, and are sold at a discount to face value. T-bills are considered to be one
of the safest investments available in Vietnam, as they are backed by the full faith and credit of
the government. The interest rate on T-bills is determined through an auction process, with the
 8

government setting a maximum yield for the auction. Investors then bid on the T-bills, with the
highest bidders receiving the securities at a discount to face value. Investors in T-bills are
typically financial institutions, corporations, and individual investors looking for a safe place to
park their money in the short term. T-bills are also used as a tool by the Vietnamese
government to manage its short-term funding needs and to support liquidity in the financial
system. T-bills are actively traded on the secondary market, providing investors with the
opportunity to buy and sell these securities before they mature. This secondary market activity
can also provide investors with an indication of market sentiment towards the Vietnamese
economy and the government's fiscal policy. Overall, T-bills are an important component of
Vietnam's financial system, providing a safe and reliable investment option for both domestic
and foreign investors.

2.1.9 Foreign Direct Investment (million USD, FDI)

The investment coming from a cross-boundary investor residing in one economy builds
up long-term benefits and primarily puts an impact on the invested enterprise residing in
another economy. Foreign Direct Investment is a crucial component in global economic
cohesion since it forges strong, long-lasting ties between nations' economies. The existence of
FDI enables economic connection between countries, establishing global integration and
provokes technology emerging from one economy to one another, and also promotes economic
development. The metrics of FDI include inflow and outflow stocks, cash flows, interests, and
earnings, counted by alliance industry or country and followed by FDI constraints.

2.1.10 Consumer Price Index (%, CPI)

The Consumer Price Index (CPI) is an economic indicator that measures the average
change over time in the prices paid by urban consumers for a fixed basket of goods and
services. It is a crucial tool for economic policymakers, businesses, and investors to understand
inflation and its impact on the economy. The CPI is calculated by collecting and analyzing
price data for a representative sample of goods and services commonly purchased by urban
households. It is widely used to track inflation and its potential impact on consumers'
 9

purchasing power and businesses' profitability. Moreover, high inflation can lead to increased
interest rates, which can affect the overall economy. Hence, CPI plays a crucial role in
monetary policy, investment strategy, and financial decision-making.

CHAPTER 3. METHODOLOGY & DATA

3.1 Data

TABLE OF VARIABLES
Variables Description Source Sampling period

IR Interest rate, % State Bank Of Vietnam 01/01/2012- 01/12/2022

https://www.sbv.gov.vn/

EXC Exchange rate, Investing 01/01/2012- 01/12/2022

(VND/USD) % https://vn.investing.com/

IIP Index of industrial General Statistics Office of 01/01/2012- 01/12/2022

production, % Vietnam
https://www.gso.gov.vn/en/
homepage/

MS2 Money supply M2, Global Economic Data, 01/01/2012- 01/12/2022

billion VND Indicators, Charts and
Forecasts | CEIC
https://www.ceicdata.com/
en/indicator/vietnam/money-
 10

supply-m2
Vietstock
https://finance.vietstock.vn/
du-lieu-vi-mo/51/tin-
dung.htm

OP World oil price Thị trường Tài chính toàn 01/01/2012- 01/12/2022
(Brent), USD cầu
https://vn.investing.com/

GoldEX World gold price, World Gold Council 01/01/2012- 01/12/2022

thousand USD/Oz https://www.gold.org/

RF Treasury Bills of Investing 01/01/2012- 01/12/2022

Government, USD https://vn.investing.com/

FDI Foreign Direct Tổng cục thống kê 01/01/2012- 01/12/2022

Investment ,million https://www.gso.gov.vn/
USD

CPI Consumer Price International Monetary 01/01/2012- 01/12/2022

Index, % Fund
https://www.imf.org/en/Data

VNI VN-Index Thị trường Tài chính toàn 01/01/2012- 01/12/2022

cầu
https://vn.investing.com/
 11

3.2. Methodology 

3.2.1 Expectation

Variables Description Expected Explanation

sign

IR Interest rate, - Bui Kim Yen and Nguyen Thai Son( 2014)
% stated that there was a negative correlate
between interest rate and stock market
Peiró( 2016) found that interest rates had a
negative impact on stock price.
Hypothesis 1: Interest rate (IR) negatively
influences stock index (VNI)

EXC Exchange + Hock Tsen Wong (2021) An increase in the

rate, positive real exchange rate will lead to an
VND/USD, increase in real stock prices in the long run.
% Phylaktis and Ravazzolo (2000) conclude that
exchange rates and stock markets are
positively correlated.
Hypothesis 2: Exchange rate (ER) positively
influences stock index (VNI)

IIP Index of + Shanken and Weinstein (2006) concluded

industrial that only IIP is the significant factor for stock
production, market
% Humpe and Macmillan (2009) analyze stock
prices that were influenced positively by
industrial production.
Hosseini, Ahmad, and Lai (2011) stated that
 12

industrial production had a positive effect on

stock market returns.
Hypothesis 3: Index of industrial production
(IIP) positively influences stock index (VNI)

MS2 Money + Anh Thu and Thanh Duong (2020)

supply M2, conducted a study that found that money
billion VND supply growth shows a positive effect.
Research results are consistent for the pre-
crisis period and during and after the crisis.
Thanh et al., (2017) stated that the money
supply has a favorable effect on the stock
market index. This finding is consistent with
earlier studies on the relationship between
money supply and the stock market. An
increase in money is a requirement for creating
redundancy in total payment methods. This is
also a condition that causes cash flow to pour
into the stock market, causing the stock price
index to rise.
Hypothesis 4: Money Supply (MS2)
positively influences stock index (VNI)

OP World oil +
Paresh Kumar Narayan et al., (2009) found
price,
that stock prices and oil prices share a long-
run relationship. The positive relationship
between stock prices and oil prices was
attributed to internal and domestic factors such
as increased foreign portfolio investments,
 13

changing local market participant preferences,

and leveraged investments in stocks, which
had a more dominant impact on the
Vietnamese stock market than the rise in oil
prices.

Tra Ngoc Nguyen et al., (2020) also found

that historical oil prices have a positive effect
on Vietnamese stock market indices and
performed robustness tests to confirm the
consistency of the impact of oil prices.

Hypothesis 6: World oil price (OP) positively

influences stock index (VNI).

GoldEx World gold +/- Sadiq et al., (2022) research result in the
price, positive influence of World gold price on the
thousand stock market. The result of the 12- and 60-
USD/Oz month research of the authors also found that
gold price shocks caused a more significant
increase in stock values.
Sh Zeinedini et al., (2022) the authors stated
that the global gold prices caused a positive
effect on the stock price indexes relating to the
timing period before and after the pandemic
crisis.
Trương Đông Lộc (2014) research come to
the conclusion that the stock price market
negatively responds to the world gold price by
 14

regression analysis during the period from

2006 to 2012 on HOSE. The results of this
inverse correlation are consistent with
previous studies in the stock market, however,
it has limitations as it can only be applied to
emerging securities.
Hypothesis 7: World gold price (GoldEx)
could be positively and negatively influences
stock index (VNI)

RF USD - Suiwah Leung (2009) examined the dynamic

relationship between Treasury bills and stock
prices in Vietnam from 2006 to 2010 and
found evidence of a long-term relationship
between these two variables, suggesting that
investors in Vietnam consider Treasury bill
rates when making investment decisions in the
stock market. The findings suggest that an
increase in Treasury bill rates is associated
with a decrease in stock prices, and vice versa.
Huu Nguyen, A., Minh Thi Vu, T. and Truc
Thi Doan, Q. (2020) used Granger causality
tests and vector autoregressive models. The
results suggest a bidirectional causal
relationship between treasury bill rates and
stock prices, indicating that changes in
treasury bill rates lead to changes in stock
prices and vice versa. However, the impact of
treasury bills on stock prices is found to be
 15

stronger and more persistent than the reverse.

Hypothesis 8: Treasury bills of the

Vietnamese government (RF) negatively
influence the stock index (VNI).

FDI Foreign + Vo Dinh Tri (2020) research proves the

Direct strong relationship between FDI and the stock
Investment, price market, and the significant influence on
million USD stock indexes during the two estimated
decades.
Alexios Anagnostopoulos et al., (2022)
revealed the positive relationship that FDI is
declared as one of the most significant
contributors that potentially affect the stock
market. The research proves the rise in FDI
concurs with a sharp increment in stock
market correlations.

Hypothesis 9: Foreign Direct Investment

(FDI) positively influences stock index (VNI)

CPI Consumer +/- Guofang Liu et al,. (2021) the authors

Price Index, concluded that CPI has a significant influence
% on the stock market. The authors proposed a
completely different result from other
empirical studies in that stock price indexes
reacted instantly to the changes in
macroeconomic factors like the consumer
 16

price index.
Trương Đông Lộc (2014) the results of the
regression analysis obtained from this study
show that the profitability of stocks is
negatively correlated with the consumer price
index. Specifically, when the rate increases by
1%, the return on stocks will decrease by
0.007% and vice versa.

Hypothesis 10: Consumer Price Index (CPI)

positively influences the stock index (VNI)

VNI VN-Index Dependent

variables

Table 1: Expected effect of the variables on VNI flatform in Vietnam stock market

3.2.2 Regression model

Based on the synthesized theory and proposed research model, we choose Multiple
linear regression (MLR) for the regression model. The benefits of this method include a more
exact and precise understanding of the relationship between each individual aspect and the
outcome. The theoretical framework for the function of the Vietnam Stock market can be taken
as the following:

VNI = f(IR, ER, IIP, MS2,OP,GoldEX,RF,FDI,CPI)

The econometric form of the model is presented as

VNI= β0 + β 1 IR + β 2 log ⁡(Exc)+ β 3 log ⁡(IIP)+ β 4 MS 2+ β5 OP+ β6 log ⁡(GoldEX)+ β 7 log ⁡( RF)+ β 8 log ⁡( FDI )+ β 9 CPI +
 17

By presenting in logarithmic form, the model becomes:

log ⁡(VNI )=β 0+ β1 IR+ β 2 log ⁡(Exc )+ β 3 log ⁡( IIP)+ β 4 MS 2+ β 5 OP + β 6 log ⁡(GoldEX )+ β 7 log ⁡( RF)+ β 8 log ⁡( FDI )+ β 9

Where:

VNI: dependent variable

β 0 : coefficient/ intercept

β 1 : The partial slope of IR

β 2 : The partial slope of Exc

β 3 : The partial slope of IIP

β 4 : The partial slope of MS2

β 5 : The partial slope of OP

β 6 : The partial slope of GoldEX

β 7 : The partial slope of RF

β 8 : The partial slope of FDI

β 9 : The partial slope of CPI

ℇ: error term (other factors effect on the dependent variable)

CHAPTER 4. RESULTS

4.1 Checking for multicollinearity by the correlation coefficient

The following are the findings of verifying for multicollinearity using the correlation
coefficient between the independent variables.
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Table 2: Table of correlation between variables

A correlation matrix is a table that displays the coefficients of correlation between

variabes. According to the table of effective variables on VNI, almost all of the correlation
coefficients between independent variables are less than 0.8, however,

- The correlation between CPI and IR/ Exc has exceeded 0.8. (0.8191 and 0.8943,
respectively)
- The correlation between CPI and MS2 exceeded 0.8. (0.9850)

With variables that have been multi - correlate, they cannot appear in the model due to
multicollinearity diminishes the statistical power of your regression model by reducing the
precision of the estimated coefficients. Therefore, MS2 and CPI cannot be displayed as
appropriate variables.

4.2 Checking for heteroskedasticity

 19

We can see that the p-value that corresponds to the chi-square is 0.3941, which is far
greater than 0.05. As a result, we cannot accept hypothesis H0 and infer that the model does
exhibit heteroskedasticity.

Since IIP is the most recent variable that has not yet been determined in any regression
model of VNI, our group has decided to exclude it in that context. IIP may be additionally left
out in order to determine whether it is an appropriate variable or not.

From the result, the p-value that corresponds to the chi-square is 0.0066 < 0.05. After
dropping out of IIP, we can accept H0 and conclude that there is no heteroskedasticity.

Interest rate (IR), the exchange rate (EX), world oil price (OP), World Gold Price
(GoldEX), Foreign Direct Investment (FDI), and Treasury bills of Government (RF) should
therefore be the primary factors for the model.

4.3 Checking for hypothesis

The hypothesis was examined for statistical significance. We calculated the p-value at a
significance level of 5% (α= 0.05) to evaluate if the variable is statistically significant. We
proposed the following hypotheses:

● H1: Interest rate (IR) negatively influences stock index (VNI)

● H2: Exchange rate (EX) positively influences stock index (VNI)

● H3: World oil price (OP) positively influences stock index

 20

● H4: World gold price (GoldEX) negatively influences stock index (VNI)

● H5: Foreign Direct Investment (FDI) positively influences stock index (VNI)

● H6: Treasury bills of Government (RF) negatively influence stock index (VNI)

P-value of variable IR is 0.034 < 0.05 so has statistically significant = 5% with

reliability coefficient = 95% => We accept H1

P-value of variable log (Exc) is 0.00 < 0.05 so has statistically significant = 5% with

reliability coefficient = 95% => We accept H2

P-value of variable OP is 0.00 < 0.05 so has statistically significant = 5% with

reliability coefficient = 95% => We accept H3

P-value of variable log (GoldEX) is 0.113 > 0.05 so has statistically significant = 5%
with reliability coefficient = 95% => We cannot accept H4
 21

P-value of variable log (FDI) is 0.223 > 0.05 so has statistically significant = 5% with
reliability coefficient = 95% => We cannot accept H5

P-value of variable log (RF) is 0.00 < 0.05 so has statistically significant = 5% with

reliability coefficient = 95% => We accept H6

4.4 Time series regression

Table 3. Stata results of time series regression, full set of variables

According to the table, we have the estimated Multiple Linear Regression (1):
log( VNI) = -13.792 - 0.013IR + 1.713 log(Exc) + 0.0022OP - 0.0503 log(GoldEX)
( 3.399) (0.006) (0.33) (0.0003) (0.03)

- 0.443 log(RF) + 0.0133log(FDI)

(0.828) (0.0108)

N= 131, R2 = 0.7501, R2=0.7380

 22

When looking at the regression, R-squared = 75.01% which means this model explains
approximately 765 percent of the variation in VNI point. At a 5% significance level, the F-
statistic of the regression, F (6,124) = 62.02, rejects the null hypothesis of no explanatory
power for the regression as a whole. Individual coefficients are statistically significant at a 5%
significance level, except for the Foreign Direct Investment and Worl Gold Price, whose p-
values are significantly higher than 0.05, at 0.223 and 0.113, respectively. In terms of effects,
the exchange rate, Global Oil Prices, and foreign direct investment will have a positive impact
on VNI, whereas interest rate, Treasury bills of the government, and World Gold Price would
have a negative impact. These results are compatible with our expectations.
Furthermore, our group has an analysis of the VNI platform when the economy suffers
from the Covid pandemic (01/02/2020 - 01/01/2022):

Table 4. Stata results of time series regression during Covid, full set of variables
According to the table, we have the estimated Multiple Linear regression (2):
log( VNI) = 28.779 - 0.012IR - 2.532 log(Exc) + 0.003OP - 0.0263 log(GoldEX)
(15.46) (0.017) (1.527) (0.0008) (0.0122)

- 0.333 log(RF) - 0.011log(FDI)

(0.227) (0.015)
 23

N= 24, R2 = 0.9633, R2=0.9504

Looking at the regression, R-squared equals 0.9633 which means this model explains
approximately 96.33 percent of the variation in the VNI point. At a 5% significance level, the
F-statistic of the regression, F (6,17) = 74.39, rejects the null hypothesis of no explanatory
power for the regression. Besides, with small observations (obs=24), some results are not
totally exact, especially the p-value of the variables, when there are only two variables: World
Gold price and oil prices that own the P-value at 0.045 and 0.002, respectively are significant at
the 5% level. The other 4 variables have P-values higher than 0.05, which leads to the statistical
insignificance at a 5% significance level.
During the Covid-19 pandemic, the head of the Ministry of Planning and Investment
stated that the foreign-invested business community praised the Vietnamese Government's
response to the epidemic, expressed optimism about Vietnam's economic recovery, and pledged
to keep investing and conducting business in the country over the long term, particularly after
the Vietnamese Prime Minister gave instructions to create a safe adaptation roadmap and
determine a new viewpoint on anti-epidemic measures.
Also, it is partially attributable to the State's timely support policies, which include
preserving the steady and active, and effective trading system, securities depository, and
payment system, even in the case of stock exchanges. Due to the impact of the Covid-19
pandemic, the Vietnam Securities Depository and the Vietnam Securities Depository Center
were shut down, which enabled the stock market to make progress. The stock market has
become a more appealing investment channel than deposits due to the current condition of the
stock market continuing to rise and the low-interest rates, which has created a strong
investment attractiveness. The stock market has attracted a large number of investors, including
foreign investors, individuals, and companies.
As can be seen, Vietnam has a stock market that can sustain disruptions and rebound
when facing the Covid-19 pandemic.
 24

CHAPTER 5. CONCLUSION

5.1 Summary of the research process and results

In this study, we presented the results of an exploratory empirical examination of five

economic variables that could affect the stock price of VNIndex on HOSE. Finally, utilizing
the most important econometric approach time-series studies, and looking at data from HOSE
from January 1, 2012, to December 1, 2022, we analyze our findings and suggest further
research directions.
IIP - index of industrial products - is not an appropriate variable for the model,
according to our report. Furthermore, the global gold price and foreign investment have a
minor but non-significant impact on VNI. Treasury bills of government are a new variable that
we also introduce in our report for the model (RF).
In order to maximize the sustainability of the stock market, nations should also pay more
attention to appropriately regulating their monetary policy, including interest rates and
exchange rates, while carefully assessing other factors like the global gold price, global oil
price, and foreign direct investment. In Vietnam, the government did a fantastic job of
maintaining the stock market's stability and preventing fluctuations. Vietnam is a healthy and
attractive market for foreign investors given its sustainable governance system, capacity to
engage effectively in Covid-19, and development of FDI flow.

5.2. Limitations of the study and further directions for future research:

5.2.1. Limitations of the study

One limitation of this study is the limited number of variables that were investigated,
which may affect the comprehensiveness of the findings. In particular, the study identified
world gold price and FDI as insignificant variables with less impact on the VN-Index. While
the study did identify important variables such as interest rate and exchange rate, it may have
missed other potential factors that could impact the VN-Index, such as political instability or
sector-specific events.
 25

Furthermore, the study's focus on the pre-and post-COVID-19 period may not provide a
complete understanding of the effects of macroeconomic factors on the VN-Index over time.
While this period is significant due to the pandemic's economic impact, it is important to note
that the stock market's behavior can be influenced by long-term economic trends and events.
Therefore, the findings may not be generalizable to other time periods, and future studies
should consider incorporating a more extended period to provide a more comprehensive
analysis of the impact of macroeconomic factors on the VN-Index. Additionally, the COVID-
19 pandemic's economic impact on Vietnam may differ from other countries, so the study's
results may not be easily extrapolated to other markets, highlighting the need for caution when
interpreting the results.
Accordingly, due to the limitation of research data availability, in this study, we have
only included 9 macro-factors in the Multiple linear regression model to estimate their
influence on the profitability of stocks. In fact, stock returns can be influenced by other factors.
Moreover, the quality of data and the transparency of published information really play a
prerequisite role and affect the accuracy of the data set of this research. This limitation of this
study is also an interesting research aspect that further studies could use a more extensive data
sample, covering all factors that influence the stock market, to obtain results that are more
comprehensive.
Lastly, there are still limitations due to the chosen scope of our research since the study
focused solely on the influence of macroeconomic factors on the Vietnam stock market-
VNIndex, which may not provide a comprehensive picture of the stock market. While Vietnam
is still a small and ongoing developed market, it is easily affected by many microeconomic and
macroeconomic or domestic and international factors. Future studies can overcome this
limitation by conducting a broader analysis to analyze the research problem concluding the
fundamental factors that influence the Vietnam stock market.

5.2.2. Further directions for future research:

From the limitations mentioned in section 5.2.1, our team has identified a number of
directions for further research topics:
 26

Firstly, according to the authors, a more suitable sampling procedure with a larger size is
required in order to improve the generalizability of the suggested study model for upcoming
studies. To improve the study's population representation, the sample size needs to be increased
and the study's scope should also be broadened. The data on stock price varies a lot, which
means monthly data does not fully reflect the relationship between these variables, therefore,
daily or even weekly data should be used in further research.
Secondly, in order to expand and develop the research model, you should consult the
data and related theories from numerous other related research publications.
Thirdly, to have a more significance model, the next research should focus on and
analyze more variables that affect stock prices such as psychological of investors, and
corporation debt ratio...etc. and can apply other model methods instead of only Pooled OLS
 I

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 V

APPENDIX: DATA DISPLAY

Date VNI logVNI IR CPI MS2 OP logRF log_FDI log_GoldEX log_Exc log_IIP
351. 2.5459 268476 112.1 1.0795 5.99146
01/01/2012 55 87 15 77.18 8 3 43 5 7.333676 9.953991 4.968423
387. 2.5887 266797 111.5 1.0583
01/02/2012 97 98 15 78.24 8 6 88 6.39693 7.463937 9.953991 5.087596
423. 2.6269 282740 1.0578 6.25382
01/03/2012 64 97 15 78.36 1 126.2 18 9 7.478735 9.945589 5.165928
441. 2.6444 318484 125.4 1.0341 7.64012
01/04/2012 03 68 14 78.41 6 3 87 3 7.416078 9.945589 5.139322
473. 2.6755 324718 119.6 0.9955 6.80239
01/05/2012 77 68 13 78.55 7 6 91 5 7.409288 9.948938 5.178407
429. 2.6326 330664 0.9960 6.80239
01/06/2012 2 6 12 78.34 5 98.43 3 5 7.351158 9.947026 5.136974
422. 2.6256 333882 1.0055 6.80239
01/07/2012 37 93 10 78.11 4 97.34 24 5 7.376821 9.944054 5.159055
414. 2.6175 337165 105.9 0.9986 6.90775
01/08/2012 48 04 10 78.61 1 6 52 5 7.391415 9.946548 5.171052
396. 2.5977 340887 115.7 0.9945 6.68461
01/09/2012 02 17 10 80.34 7 8 37 2 7.407621 9.946548 5.146913
392. 2.5939 344187 112.1 1.0030 6.80239
01/10/2012 57 17 10 81.02 5 9 29 5 7.482119 9.947504 5.200705
388. 2.5893 351937 108.1 0.9987 6.90775
01/11/2012 42 02 10 81.4 6 7 82 5 7.449498 9.945828 5.245444
377. 2.5772 370286 110.9 0.9927 6.21460
01/12/2012 82 85 10 81.62 7 2 74 8 7.453562 9.946068 5.271974
413. 2.6167 376629 112.4 0.9880 6.04025
01/01/2013 73 17 9 82.64 2 7 24 5 7.413066 9.945589 4.786658
479. 2.6810 378654 116.7 0.9689
01/02/2013 79 51 9 83.73 3 6 96 6.44572 7.41743 9.945828 4.488636
474. 2.6762 384242 0.9682 7.40853
01/03/2013 56 91 9 83.57 1 110.4 03 1 7.370545 9.951324 4.772378
491. 2.6911 386625 111.0 0.9641 7.00306
01/04/2013 04 17 8 83.59 4 8 65 6 7.376665 9.950371 4.769837
474. 2.6762 389915 0.9511 6.68461
01/05/2013 51 45 8 83.54 8 99.95 43 2 7.292337 9.950371 4.787492
518. 2.7146 397344 102.0 0.9493 7.00306
01/06/2013 39 57 7 83.58 9 6 41 6 7.240291 9.953991 4.765587
481. 2.6822 398111 0.9506 6.90775
01/07/2013 13 62 7 83.8 7 103 57 5 7.083388 9.963171 4.779123
491. 2.6918 403975 109.5 0.9451 6.80239
01/08/2013 85 33 7 84.5 0 4 24 5 7.181211 9.960813 4.795791
472. 2.6745 408549 114.3 0.9508 6.90775
01/09/2013 7 86 7 85.39 6 3 51 5 7.24047 9.961285 4.763028
492. 2.6925 413726 107.9 0.9471 6.90775
01/10/2013 63 21 7 85.82 5 4 4 5 7.190299 9.958922 4.829913
497. 2.6967 421769 105.9 0.9494 6.90775
01/11/2013 41 15 7 86.11 9 1 88 5 7.188413 9.957975 4.844187
507. 2.7056 440069 111.4 0.9489 6.80239
01/12/2013 78 76 7 86.55 2 5 99 5 7.133296 9.957691 4.886583
01/01/2014 504. 2.7029 7 87.15 449418 110.9 0.9467 6.14203 7.09382 9.95826 4.764735
 VI

63 73 0 2 47 7
556. 2.7454 447560 105.7 0.9378 6.48463
01/02/2014 52 81 7 87.62 9 8 19 5 7.131699 9.957265 4.637637
586. 2.7682 452488 0.9291 7.45587
01/03/2014 48 53 7 87.24 5 111.2 63 7 7.190299 9.957975 4.812997
591. 2.7720 456505 105.6 0.9276 7.04751
01/04/2014 57 06 6.5 87.31 0 2 27 7 7.163753 9.957975 4.849684
2.7619 460842 107.7 0.9392
01/05/2014 578 28 6.5 87.48 5 6 2 6.39693 7.161234 9.957265 4.8489
562. 2.7497 470829 108.8 0.9333 7.04751
01/06/2014 02 52 6.5 87.75 9 3 35 7 7.131299 9.960813 4.8434
578. 2.7620 470192 112.2 0.9256 6.95654
01/07/2014 13 26 6.5 87.95 4 9 21 5 7.181592 9.969275 4.83866
596. 2.7752 477668 104.8 0.9080 7.00306
01/08/2014 07 97 6.5 88.14 0 4 56 6 7.158709 9.964112 4.85515
636. 2.8039 484701 102.7 0.8234 6.90775
01/09/2014 65 01 6.5 88.49 7 9 74 5 7.159098 9.962935 4.855929
598. 2.7772 488787 0.8010
01/10/2014 8 82 6.5 88.59 7 94.16 61 7.17012 7.103733 9.964582 4.908972
600. 2.7787 497357 0.8384 6.90775
01/11/2014 84 59 6.5 88.35 9 84.78 08 5 7.059833 9.966697 4.938065
566. 2.7532 517921 0.8543 7.09007
01/12/2014 58 61 6.5 88.14 6 72.54 06 7 7.075597 9.97138 4.983607
545. 2.7368 519219 0.8224 6.22455
01/01/2015 63 98 6.5 87.96 4 56.42 95 8 7.095064 9.97138 4.938781
576. 2.7604 530801 0.8109 6.54391
01/02/2015 07 75 6.5 87.92 2 54.75 71 2 7.139065 9.969509 4.678421
592. 2.7727 530081 0.8121 7.52294
01/03/2015 57 4 6.5 88.05 7 59.54 78 1 7.101676 9.970445 4.91852
551. 2.7412 532823 0.8124 7.04751
01/04/2015 13 54 6.5 88.17 2 57.1 45 7 7.079185 9.980217 4.923624
562. 2.7500 537643 0.8154 6.62007
01/05/2015 4 45 6.5 88.31 5 66.46 45 3 7.073482 9.981836 4.956531
569. 2.7555 549273 0.8315
01/06/2015 56 39 6.5 88.62 1 64.88 5 7.20786 7.082884 9.991498 4.955827
593. 2.7730 550564 0.8309
01/07/2015 05 91 6.5 88.74 0 62.01 73 7.065613 9.99104 4.971894
621. 2.7931 559161 0.8452 7.69621
01/08/2015 06 34 6.5 88.67 1 49.52 22 3 7.00161 9.991498 4.959342
564. 2.7518 569576 0.8476
01/09/2015 75 56 6.5 88.49 9 49.56 34 7.83992 7.034388 10.02194 4.995183
562. 2.7502 572296 0.8489 6.63331
01/10/2015 64 31 6.5 88.59 3 47.69 28 8 7.015712 10.02149 5.040194
607. 2.7834 580944 0.8488 7.24422
01/11/2015 37 53 6.5 88.65 2 48.79 05 7 7.040843 10.01436 5.047931
573. 2.7583 601960 0.8483 9.16534
01/12/2015 2 06 6.5 88.66 9 44.44 12 3 6.967815 10.0226 5.086979
579. 2.7627 610794 0.8473 6.91869
01/01/2016 03 01 6.5 88.66 2 37.22 88 5 6.966024 10.02305 5.104125
545. 2.7365 613861 0.8365 6.79570
01/02/2016 25 96 6.5 89.03 0 34.24 14 6 7.013736 10.01369 4.853591
559. 2.7476 626795 0.8368 6.72743
01/03/2016 37 99 6.5 89.54 8 36.81 3 2 7.118745 10.01458 5.100476
01/04/2016 561. 2.7491 6.5 89.84 632633 38.67 0.8415 7.75876 7.120444 10.01346 5.094976
 VII

22 33 4 47
598. 2.7769 642739 0.8415 8.53247
01/05/2016 37 7 6.5 90.33 7 45.83 47 5 7.159019 10.01324 5.111988
618. 2.7912 659239 0.8387
01/06/2016 44 98 6.5 90.74 4 49.72 86 7.02616 7.10011 10.02038 5.11259
632. 2.8008 660944 0.8401 7.41197
01/07/2016 26 96 6.5 90.86 6 50.35 69 9 7.185955 10.01413 5.117994
652. 2.8144 668221 0.8347 7.26283
01/08/2016 23 01 6.5 90.96 1 42.14 39 9 7.201916 10.01369 5.131672
674. 2.8290 682989 0.7936 7.63211
01/09/2016 63 66 6.5 91.44 3 45.45 51 1 7.17721 10.01369 5.134621
685. 2.8361 686345 0.7760
01/10/2016 73 53 6.5 92.2 5 50.89 47 7.09116 7.187279 10.01391 5.172187
675. 2.8298 697106 0.7814 6.15613
01/11/2016 8 18 6.5 92.65 1 48.14 68 1 7.148346 10.0148 5.17162
665. 2.8228 712580 0.7849 7.95310
01/12/2016 07 67 6.5 92.86 1 53.94 74 7 7.071658 10.03144 5.216022
664. 2.8227 730874 0.7788 7.26052
01/01/2017 87 37 6.5 93.28 6 56.82 74 2 7.043946 10.03386 5.260096
697. 2.8434 725237 0.7695 6.40522
01/02/2017 28 07 6.5 93.5 7 56.8 25 9 7.100687 10.02703 5.254888
710. 2.8517 737430 0.7653 7.30921
01/03/2017 79 41 6.5 93.7 7 56.36 7 2 7.135369 10.03627 5.42715
722. 2.8587 740311 0.7630 8.14844
01/04/2017 33 36 6.5 93.7 6 53.12 53 6 7.12677 10.03408 5.47437
717. 2.8559 746676 0.7667 8.33615
01/05/2017 73 61 6.5 93.2 0 51.52 85 1 7.143973 10.0332 5.473111
737. 2.8679 761685 0.7508 9.25119
01/06/2017 82 5 6.5 93.04 6 50.63 17 4 7.143775 10.03144 5.444148
776. 2.8901 766885 0.7213 9.34810
01/07/2017 47 25 6.5 93.15 0 49.68 98 1 7.12468 10.0332 5.454894
783. 2.8940 6.2 776237 0.7404 9.39905
01/08/2017 55 67 5 94 2 51.78 42 8 7.144841 10.03276 5.521461
782. 2.8936 6.2 787775 0.7296 9.48622
01/09/2017 76 29 5 94.56 3 52.75 51 8 7.179117 10.03298 5.564903
804. 2.9054 6.2 790146 0.7255 9.60757
01/10/2017 42 83 5 94.95 2 56.12 03 2 7.157034 10.03276 5.572914
837. 2.9228 6.2 806257 0.7313 9.81885
01/11/2017 28 71 5 95.07 6 60.49 47 5 7.14689 10.0321 5.574433
949. 2.9776 6.2 819254 0.7035 9.89731
01/12/2017 93 92 5 95.27 8 63.73 49 9 7.154772 10.03232 5.587997
984. 2.9931 6.2 829647 0.6315
01/01/2018 24 01 5 95.75 5 66.57 45 6.09131 7.163172 10.03166 4.842611
110. 2.0428 6.2 840153 0.6340 6.85540
01/02/2018 36 12 5 96.45 4 69.65 74 9 7.204186 10.0321 4.622027
1121 3.0498 6.2 852109 0.6228 6.59304
01/03/2018 .54 15 5 96.2 8 63.83 35 5 7.183757 10.03386 4.842611
1174 3.0698 6.2 866125 0.6703 7.26682
01/04/2018 .46 38 5 96.28 5 67.64 39 8 7.1883 10.03539 4.828314
1050 3.0212 6.2 875758 0.6681 7.00669
01/05/2018 .26 97 5 96.8 8 73.13 06 5 7.180222 10.03452 4.857484
971. 2.9873 6.2 887958 0.6759 8.87374
01/06/2018 25 31 5 97.39 2 76.79 62 8 7.174226 10.03583 4.846547
01/07/2018 960. 2.9826 6.2 97.3 884255 77.3 0.6921 7.24850 7.131259 10.04281 4.864453
 VIII

78 24 5 2 42 4
956. 2.9806 6.2 888838 0.7147 5.62040
01/08/2018 39 35 5 97.74 4 72.39 49 1 7.107385 10.05728 4.908233
989. 2.9954 6.2 893343 0.7013 6.46614
01/09/2018 54 33 5 98.32 5 78.15 95 5 7.092116 10.05792 4.90082
1017 3.0073 6.2 899903 0.7144 6.80682
01/10/2018 .13 76 5 98.65 3 84.98 97 9 7.079395 10.05921 4.937347
914. 2.9613 6.2 906168 0.7131 6.63331
01/11/2018 76 07 5 98.36 9 72.89 54 8 7.102458 10.05964 4.963544
926. 2.9668 6.2 912158 0.7131 7.69074
01/12/2018 54 64 5 98.12 3 61.69 54 3 7.104596 10.05899 4.977423
892. 2.9506 6.2 948808 0.6883
01/01/2019 54 28 5 98.21 6 54.91 31 7.34601 7.153834 10.05385 4.898586
910. 2.9593 6.2 937663 0.6771 7.46679
01/02/2019 65 51 5 99 1 62.75 51 9 7.187846 10.05363 4.685828
965. 2.9847 6.2 947815 0.6836 7.50659
01/03/2019 47 39 5 98.79 7 65.07 77 2 7.184743 10.05406 4.903792
980. 2.9915 6.2 954660 0.6778 6.36475
01/04/2019 76 63 5 99.1 8 69.01 81 1 7.166575 10.05406 4.902308
979. 2.9910 6.2 970688 0.6721 7.57558
01/05/2019 64 67 5 99.59 8 72.18 9 5 7.156411 10.0575 4.932313
959. 2.9822 6.2 986648 0.6678 8.44397
01/06/2019 88 17 5 99.5 4 61.28 26 7 7.166691 10.06369 4.898586
949. 2.9776 6.2 986008 0.6489 7.20860
01/07/2019 94 96 5 99.67 1 65.06 45 1 7.250636 10.0575 4.953006
991. 2.9963 6.2 994913 0.6193 7.25827
01/08/2019 66 63 5 99.95 5 60.5 02 1 7.263715 10.05471 5.005958
984. 2.9930 6.2 100.2 100837 0.6082 7.88057
01/09/2019 06 22 5 7 35 58.66 05 8 7.331977 10.05406 5.001258
996. 2.9985 100.8 101386 0.5659 7.83865
01/10/2019 56 03 6 5 30 58.89 66 9 7.303372 10.05492 5.029784
998. 2.9994 101.8 102749 0.5524 9.51044
01/11/2019 82 87 6 2 60 61.69 25 5 7.320494 10.05471 4.988389
970. 2.9871 103.2 105737 0.5285 8.73230
01/12/2019 75 07 6 5 25 60.92 31 5 7.286294 10.05385 4.99315
960. 2.9827 104.5 107580 0.4991 8.57546
01/01/2020 99 19 6 2 24 66.25 37 2 7.323006 10.0532 4.81462
936. 2.9715 104.3 106728 0.4623 7.09007
01/02/2020 62 63 6 5 80 54.45 98 7 7.367835 10.05642 4.859037
882. 2.9455 107555 0.5461 7.64969
01/03/2020 19 62 6 103.6 72 51.9 72 3 7.383896 10.05664 4.924351
662. 2.8212 107798 0.4840 8.21608
01/04/2020 53 06 5 102 51 24.74 15 8 7.383337 10.07112 4.757891
769. 2.8859 101.9 109284 0.5040 7.37775
01/05/2020 11 88 5 7 85 26.44 63 9 7.44 10.06518 4.872139
864. 2.9367 102.6 111184 0.4817 7.49554
01/06/2020 47 5 4.5 4 23 38.32 29 2 7.455125 10.05835 4.942357
825. 2.9165 103.0 111633 0.4720 8.03915
01/07/2020 11 12 4.5 6 61 42.03 25 7 7.477661 10.05578 4.992471
798. 2.9022 102.8 113159 0.4640
01/08/2020 39 15 4.5 9 94 44.15 42 6.55108 10.06989 10.05492 5.026509
881. 2.9452 103.0 114858 0.4443 7.43838
01/09/2020 65 96 4.5 2 45 45.58 57 4 7.579347 10.05492 5.058155
01/10/2020 905. 2.9567 4 103.1 115564 40.93 0.4166 7.74066 7.542691 10.05535 5.081404
 IX

21 49 1 45 41 4
925. 2.9663 103.3 117301 0.3839 7.97246
01/11/2020 47 62 4 3 40 38.97 95 6 7.54001 10.05492 5.055609
1003 3.0013 103.4 121106 0.4050 7.64969
01/12/2020 .08 36 4 5 06 47.42 05 3 7.474517 10.0532 5.072044
1103 3.0429 103.2 122022 0.3577 7.60090
01/01/2021 .87 18 4 7 17 51.09 44 3 7.543061 10.05255 5.037602
1056 3.0239 104.8 122282 0.3682 8.14902
01/02/2021 .61 15 4 4 11 56.35 87 4 7.530373 10.04889 4.784988
1168 3.0676 104.5 123497 0.3712 8.44891
01/03/2021 .47 18 4 6 50 63.69 53 5 7.463277 10.04802 4.967031
1191 3.0760 104.5 124650 0.3802 7.65917
01/04/2021 .44 72 4 2 12 64.86 11 2 7.433105 10.05061 4.962145
1239 3.0932 104.6 125585 0.3527 7.46737
01/05/2021 .39 08 4 8 73 67.56 61 1 7.477406 10.04932 4.98155
1328 3.1232 104.8 126477 0.3346 7.14677
01/06/2021 .05 14 4 8 03 70.25 55 2 7.549583 10.04953 4.968423
1408 3.1487 105.5 126922 0.3486 7.27931
01/07/2021 .55 72 4 3 56 75.84 94 9 7.474857 10.04802 4.964941
1310 3.1172 105.7 127576 0.3159 7.78322
01/08/2021 .05 88 4 9 48 72.89 7 4 7.509746 10.04542 4.925077
1331 3.1243 105.1 128790 0.3265 8.01631
01/09/2021 .47 31 4 4 90 71.59 41 8 7.503758 10.03802 4.953712
1342 3.1277 104.9 129075 0.3342
01/10/2021 .06 72 4 3 67 79.28 53 7.37149 7.463248 10.03714 5.018603
1444 3.1596 105.2 130408 0.3213 7.90838
01/11/2021 .27 48 4 7 42 84.71 91 7 7.478254 10.03671 5.075799
1478 3.1698 105.0 134020 0.3412 8.45318
01/12/2021 .44 04 4 8 97 68.87 37 8 7.497983 10.03495 5.110179
1498 3.1755 105.2 137487 0.3330 8.03915
01/01/2022 .28 93 4 8 40 78.98 44 7 7.498786 10.03977 5.073297
1478 3.1699 106.3 136447 0.3705 7.54960
01/02/2022 .96 56 4 3 50 89.16 13 9 7.492899 10.03364 4.951593
1490 3.1732 107.0 138640 104.9 0.3981 8.27129
01/03/2022 .13 24 4 8 61 7 14 3 7.55478 10.04107 5.108367
1492 3.1738 107.2 138717 104.3 0.4931 7.54960
01/04/2022 .15 12 4 8 51 9 79 9 7.571551 10.04238 5.132853
1348 3.1299 107.6 138482 107.5 0.5134 6.80239
01/05/2022 .68 09 4 8 64 8 84 5 7.596121 10.0198 5.164215
1299 3.1137 108.4 139083 116.2 0.5269 7.74932
01/06/2022 .52 83 4 2 38 9 85 2 7.533646 10.05126 5.152713
1198 3.0787 108.8 138280 111.6 0.5665 7.31986
01/07/2022 .9 83 4 5 44 3 55 5 7.499312 10.05612 5.156754
1231 3.0903 108.8 137610 100.0 0.5678 7.12286
01/08/2022 .35 82 4 5 19 3 49 7 7.477005 10.05861 5.165928
1280 3.1073 109.2 138323 0.6967 7.58578
01/09/2022 .51 83 4 9 97 92.36 93 9 7.447839 10.06246 5.148076
1086 3.0360 109.4 138151 0.7155 8.21878
01/10/2022 .44 06 5 4 45 88.86 02 7 7.435379 10.08008 5.17162
1033 3.0144 109.8 138785 0.7133 7.89357
01/11/2022 .75 16 6 7 03 94.65 23 2 7.427067 10.12021 5.142248
1036 3.0154 109.9 0.7025 7.85554
01/12/2022 .28 77 6 5 86.88 17 5 7.478384 10.10871 5.132263
01/01/2012 351. 2.5459 15 77.18 268476 112.1 1.0795 5.99146 7.333676 9.953991 4.968423
 X

55 87 8 3 43 5
387. 2.5887 266797 111.5 1.0583
01/02/2012 97 98 15 78.24 8 6 88 6.39693 7.463937 9.953991 5.087596
423. 2.6269 282740 1.0578 6.25382
01/03/2012 64 97 15 78.36 1 126.2 18 9 7.478735 9.945589 5.165928
441. 2.6444 318484 125.4 1.0341 7.64012
01/04/2012 03 68 14 78.41 6 3 87 3 7.416078 9.945589 5.139322
473. 2.6755 324718 119.6 0.9955 6.80239
01/05/2012 77 68 13 78.55 7 6 91 5 7.409288 9.948938 5.178407
429. 2.6326 330664 0.9960 6.80239
01/06/2012 2 6 12 78.34 5 98.43 3 5 7.351158 9.947026 5.136974
422. 2.6256 333882 1.0055 6.80239
01/07/2012 37 93 10 78.11 4 97.34 24 5 7.376821 9.944054 5.159055