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VNM Indices/ETF Weekly Update

The VN and VN 30 indices were range bound in a shortened trading week with Monday was a holiday in Vietnam and Friday was a holiday in the U.S.  So the data only reflects three days where it was responding to changes in the VN Index.  Premium to NAV rose from 0.31% to close the week at 0.72%.  The net cash position of the fund rose $288,898 to $1.5 million or 0.48% of AUM.  American investors are still interested in paying a premium relative to changes in the underlying indices as AUM has expanded by 7% relative to both the VN (7.15%) and VN 30 (7.36%).

 

Total AUM expanded by 2.35% for the week, from $304.5 million USD to $311.6 million USD.  Looking at the changes in asset allocation, there was no significant re-balancing of the fund. The figure at left is sorted by change in % AUM.  The 5 stocks that gained the most had their positions increased by 0.9%.  Price appreciation for these stocks account for the rest of their rise.

The same can be said for the biggest losers on a % AUM basis.  The fund increased their positions in each of these stocks by 0.9% and price fluctuations account for any other changes.

The chart of the VNM ETF is currently in a short-term consolidation range between $18.80 and $20.21 per share.  A strong volume close above $19.70 may be enough to establish a position if a trader was willing to take on some risk.

As for the VN Index, the current trading range is between 436.67 and 450.23.  Friday's close was the highest close in the last 7 sessions which have established the current trading rage and, depending on how aggressive you are, could be considered a range breakout.  Volume was the highest of this period as well also increasing the likelihood of a move higher from here.  With the SBV indicating a loosening of monetary policy by dropping the deposit cap and the interbank market showing increased stability with loan rates out to 14 days dropping below 9% last week puts me in a bullish frame of mind for Monday's open.

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  1. [...] other day I gave a tentative buy call on the VN Index which turned out to be correct so far.  While I am bullish on Vietnam in the long term at the [...]

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Peter Pham is a capital market specialist and entrepreneur.  With expertise as a Head of Institutional Sales and Trading he closely watches the market and probes for investment opportunities utilizing a unique blend of quantitative trading experience and macro trend analysis… (read more)

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