Fund of over 2,000 billion VND believes "there are many macro factors supporting stocks"
VinaCapital's investment fund with total assets of more than VND2,000 billion "maintains a positive view" on the VN-Index in the second half of the year thanks to positive macro factors plus the business results of listed enterprises on the recovery path.
In a recent market update report, the VESAF fund management board (under VinaCapital Fund Management Joint Stock Company) said that there are currently more macro factors supporting the stock market than 1-2 months ago. The group of experts cited that macroeconomic data continues to have many bright spots, especially growth in industrial production and export activities. Specifically, the manufacturing and processing industry increased by 10.6% in May and 7.3% in the first 5 months of the year compared to the same period. Exports also increased by 15.2% in the first 5 months of the year thanks to the growth of electronics and computers.
“Enterprises are also increasing imports of raw materials to prepare for export orders in the last 6 months of the year. Therefore, we can expect Vietnam’s economy to grow more positively in the second half of 2024,” said the VESAF fund management board.
VESAF maintains a “positive view” on the stock market thanks to the resonance of macro factors and the expectation that the business results of listed companies will continue to recover in the coming quarters. Although foreign investors sold strongly (VND 19,000 billion in May), the selling force was absorbed by domestic investors, so liquidity is still at a positive level.
According to VESAF, the low interest rate environment also creates favorable conditions for securities stocks because these companies have high growth potential from margin lending and stock trading activities. “We have bought VDS and TCI shares in the group of small securities companies because of attractive valuations and the growth story of the industry,” the group cited.
In line with the key investment theme this year of export recovery, VESAF has selected PTB and SCS to add to its portfolio “at attractive valuations”. The two stocks have increased by 12.4% and 12.5% respectively in the past month and around 25-28% since the beginning of the year. For PTB, the double-digit price growth is attributed to the strong recovery of wooden furniture export orders, while the momentum for SCS comes from the recovery of international air cargo demand from last year’s low.
In terms of investment performance, VESAF gained 6.9% in May, in line with the growth of the VN-Index. This is also the highest monthly increase since the beginning of the year. The fund's return since the beginning of the year reached 16.7%, while the VN-Index was 11.7%.
Source: https://baodautu.vn/quy-hon-2000-ty-dong-nhan-dinh-co-nhieu-yeu-to-vi-mo-ho-tro-chung-khoan-d217605.html
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