Weekly Wrap: Bull market extends through May

Yuanta Vietnam Weekly Market Roundup — June 1, 2020

The VNI gained another 1.4% last week, the fourth straight weekly increase as domestic investors forgot the “sell in May…” imperative to drive the index up by another 12.4% during the month. Breadth improved from the previous week, with 231 gainers vs 126 losers on the VNI, and average daily turnover remained strong at US$242 million, 44% higher than the YTD daily average. Additionally, the Vietnamese Dong was stable in a somewhat volatile week for regional currencies.

Index, Flows, and FX Performance

• VNINDEX: 864 (+1.4% WoW / -10.0% YTD / -11.0% YoY)
• HNINDEX: 110 (+2.6% WoW / +7.1% YTD / +4.3% YoY)
• UPCOM Index: 55.0 (+1.5% WoW / -2.7% YTD / -0.1% YoY)
• Average daily turnover: US$242mn (+5.9% WoW)
• Foreigners net sold US$4.7 million of 3 index constituents.

VND:USD rate: 23,282 (-8bp WoW / -47bp YTD / +55bp YoY)