2017 Strategy Report: "The Odds Favour the Bold"
​The rise in the stock market PE reflects the market’s expectations regarding changes taking place in 2016, such as (1) The new term of the Vietnam’s National Assembly and Government with important messages on economic development strategies; (2) Motion of the IPO roadmap and divestments of the State; (3) The market's expectations for the profit growth of businesses in the coming years. In addition, the abundance of cash flow, mainly from domestic investors, had a strong impact on stock price movements as well the overall trends in the market. The liquidity on both exchanges increased by more than 17% in 2016. More interestingly, while foreign investors were net sellers for the first time in many years, local investors actively traded and contributed to 85 - 87% of the total trading value. We expect that the aforementioned characteristics will be the key drivers for the market’s movement in 2017.
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