ETF’s reviewed portfolio takes effects from June 18, 2012 therefore ETFs conducted restructuring their portfolio in 5 trading sessions from June 11 to June 15, 2012.
Market Vectors Vietnam ETF, Vaneck Global raised its holding of shares in Vietnam’s stock market from 260 million units on June 8, 2012 to nearly 311 million shares on June 19, 2012 after selling STB, REE and adding CTG, PVX, VCG, SJS, GMD. Net asset value of the fund rose $1.6 million or 0.5 percent after 1 week of restructuring and they raised $4.3 million cash as their cash rose from negative 1.96 million cash on June 5, 2012 to $2.33 million.
Vietnam Joint Stock Commercial Bank for Industry and Trade or Vietinbank (CTG), the biggest weigh stock on Market Vectors Vietnam ETF, Vaneck Global outperformed during the period.
As of June 19, 2012, CTG’s share prices rose 50 percent from early this year with average volume in H1/2012 of 690,000 shares, up 49 percent from 2011 average. Market Vectors Vietnam ETF, Vaneck Global bought over 2 million new CTG shares during the restructuring time in June.
FTSE Vietnam ETF(FTSE) managed by Deutsche Bank in June review removed REE, PET, and KDH but added no stocks.
FTSE Vietnam ETF(FTSE) had the same move of adding CTG weigh during the review, from 6.95 percent to 7.21 percent.
VietinBank (CTG), Vietnam’s biggest commercial joint stock bank by total assets and chartered capital, outperformed its peers thanks to its high profit and low bad debts with attractive price level with P/E of under 7x.
VietinBank is also the first bank in Vietnam to successfully issued international bonds. The lender sold $250 million international bond and listed them on Singapore Stock Exchange on May 18, 2012.