DCDS – 10/2023
In October, the VNI-Index landscape underwent tumultuous fluctuations, propelled by macroeconomic factors. The US stock market’s downturn, fueled by apprehensions regarding impending interest rate hikes, lackluster Q3 performances of Vietnamese enterprises, and a conspicuous sell-off of VHM shares on October 26th were instrumental in shaping market dynamics. Concluding October, the VN-Index marked an 11% retreat from the previous month while sustaining a 2.1% ascent from the year’s commencement, showcasing resilience compared to regional counterparts like Thailand’s SET (-17.2%), the Philippines’ PCOMP (-9.0%), and Indonesia’s JCI (-1.4%).
DCDS Fund echoed the market downturn, witnessing a 13.9% contraction from the preceding month. Nonetheless, its performance over the initial ten months of the year exhibited a robust 8.6% gain, outshining the VN-Index’s growth by an impressive 6.5% during the same period (+2.1%). Certain sectors within the Fund’s portfolio bore the brunt of market vicissitudes, including Retail, Securities, Materials, and Real Estate. Conversely, select stocks in the fund, exemplified by KBC (+4%) and CEO (+3.3%), retained their growth trajectory. Amidst lingering macroeconomic uncertainties, the Fund is poised to diligently surveil both domestic and international markets, strategically steering portfolio allocations for optimal efficacy.
