June passed with numerous events. The reduction of value-added tax (VAT) by 2 percentage points, a 50% lower car registration fee and a new 90-day visa policy were passed to
VN-Index +2.5% driven by a broad sector recovery. Notably, the small-cap companies outperformed the large-caps, with VN Small-cap Index +9.7%, VN Mid-cap +4.3% while VN30 Index only inched up +1.4%.
The VN-Index retreated by 1.5% in April after a rally in March. PYN Elite -1.8% MoM and +4.5% YTD. In April, a series of new policies were issued at an
The collapse of Silicon Valley Bank, Signature Bank and Credit Suisse – UBS emergency takeover had raised questions on banks’ operation in U.S. and Eurozone, thus leading to a sharp
VN Index -7.8% in Feb on a broad market sell-off fueled by real estate companies. PYN Elite -11.2% on VHM, CTG and STB. A prominent developer (not our portfolio company)
The market is off to a strong start in 2023, as VN-Index +10.3% and PYN Elite +10.3% in Jan, both driven by the stellar rally of the banking stocks. In