Monthly Reviews

April 2020

The negative impact of Covid-19 deepened in April and as a consequence, many governments worldwide were forced to either lock down their countries or utilize tough social distancing. In the grey picture, Vietnam stood out as a bright spot with…

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March 2020

March was a complete knock out: oil prices collapse, stock markets faced panic and forced selling with volatility unseen before, central banks took immediate action. S&P 500 dropped -20% YTD, and -13% in March. Indices in Japan, Korea and HK…

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February 2020

February was a turbulent period for global stock markets when more cases of people infected with the Coronavirus were reported in Korea, Italy and other regions. VN Index declined 5.8%, caused by VIC (-8.2%), SAB (-22.2%) and BID (-11.7%) while…

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January 2020

In January, the market was struck by the outbreak of Wuhan coronavirus and declined sharply 2.5% MoM while PYN Elite NAV retreated 0.9% MoM. Noticeably, PYN Elite NAV had recorded a strong gain of 4.3% during the first 3 weeks…

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December 2019

VN Index declined 1% in December, while PYN Elite stayed rather flat -0.1%. Some observations on market: Banks deliver strong results: Following September review in which we described banks’ strong bargaining power on bancassurance contract, TPB in November announced a…

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November 2019

The market experienced a difficult month in November, VN-Index declined 2.8% MoM because of SAB (-13.2% MoM), VNM (-6.5% MoM) and VIC (-2.8% MoM) while PYN Elite’s NAV declined 2.0% MoM because of MWG (-12.5% MoM), HDB (-10.0% MoM) and…

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October 2019

VN Index has attempted to break the psychological level of 1,000 points in October, ended with a marginal gain of 0.9% MoM, led by banking stocks (VCB, BID, HDB). PYN Elite declined 0.9% MoM, supported by HDB, CII, KDH but…

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September 2019

In September, PYN Elite gained 1.9% on MWG, HDB, KDH and CII. VN Index +1.3% supported by banking sector. Q3 GDP growth came strong at 7.3%, well above consensus of 6.7%, despite a lagging government disbursement. State Bank of Vietnam…

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August 2019

PYN Elite’s NAV in August increased 1.27%, led by MWG (+ 9.5% MoM), TPB (+2.0% MoM) and KDH (+8.3% MoM) while VN-Index declined 0.77%, caused by laggards GAS (-5.7% MoM), VCB (-3.1% MoM) and HVN (-13.0% MoM). General Statistics Office…

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July 2019

In July, stock market has been approaching towards 1000 level with slightly improved liquidity. Daily trading value recovered +4.2% MoM to USD 178mn. VN-Index increased 4.4% MoM while our portfolio increased 2.2% thanks to MWG (+15.1% MoM), VEA (+5.5% MoM),…

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