Tran Le Minh
"30 The index was created attractive to investors, especially at the point of liquidity ...," said Tran Le Minh, deputy general director of JSC Investment Fund Management Vietnam ( VFM), Council Member 30 HNX recognized when DTCK exchange.
According to him, along with VN 30, HNX the advent of the 30 had investment to meet the needs of investors in general, especially hedge funds in particular, how?
VN Index and HNX 30 30 partially met the needs of investors invest. With the HNX 30, the proportion of the value of trading stocks included in the index basket accounted for over 80% of the total transaction value in the long term on the HNX showed, this index has made the attractive to investors, especially considering the liquidity perspective. About angles meet liquidity requirements, the HNX 30 have made good initial design goals when building the index. The same thing is easy to see for the VN 30. Currently, VN 30 is being considered as the index of blue chips on HOSE, should attract a lot of interest in investment funds and foreign. Some investment funds are used as the VN 30 indices to assess the fund's investment results.
Sir, on Vietnam's stock market, hedge funds tend to invest through index like? This trend is no difference between domestic investment funds from foreign investment funds?
These funds invest in the country is entering a new phase, with the conversion of the closed-end fund and establish open-end funds. The open-end funds, especially funds swap portfolio (ETF), have developed very fast pace world. Typically in the Chinese market, the first ETF was introduced to the market in 2004, but to date, the ETF has most of the products and the largest amount of investment capital. With the advantage of the liquidity of fund certificates, low cost, open investment funds based passive index has received considerable interest from investors. Or in the U.S., the data show that the cash flow has been withdrawn from the fund to switch to the active ETF investing in index and passive bond funds in 2012, in the amount of up to 243 billion. This is the general trend of the product market funds invest globally in the past 5 years, specifically through investing in passive funds have lower costs and significantly increase the bond between economic difficulties in all major economies.
Time to market domestic product will fund the investment products based on the HOSE and HNX index. With the aim of implementing the ETF product the State Securities Commission (SSC), two from the Stock Exchange and the fund management company, the market will likely witness the emergence of new products in 2014. Of course, ETF products will be made by using two index providers. However, compared with the foreign ETFs, the investment of local funds will be more difficult due to Vietnam's stock market is not allowed to use the mechanism does not sell securities ownership (short sale) and no fund products can help reduce errors when investing in index.
From the above trend, he said, Vietnam should complete the current index, as well as construction of a new index in any direction, to better meet the needs of investors?
In addition to the overall index is, should seriously develop indicators capable of high investment, consistent with the requirements of the investors as well as current conditions and long-term viability of the market, rather than building the index identifiable information.
We have done some surveys and found that the formation of the new index is able to invest the existing needs of the fund. Currently, the two indices are published Stock Exchange did not meet all the requirements of the market. With the current size of the market, a common indicator for the entire market, including the companies listed on HNX and HOSE will better meet the requirements of investors.
We found a very high interest to the entire income index (Total Return Index), if the index is built on the basis of the company is listed on both HNX and HOSE. If the index is released, there will be local fund was set up to invest based on this new index. According to statistics in the U.S. market in 2011, investment funds based on income criteria entire fund up to 610, the third most market fund shares, the group behind the fund invests in stocks U.S. growth and investment funds group in global equities. With the expected recovery of the economy in the medium term, the shares of selected companies in the index basket of shares of income for the entire market will certainly attract a lot of attention from investors .
Besides, we are expecting the introduction of HNX index bonds. This index is an important milestone for the development of the bond market in general, as well as bond funds in particular. Hopefully, in the not too distant future, the market will witness the formation of investment funds based on bond indexes provided by the HNX.
To assist investors implement investment activities through performance indicators and more convenient, according to him, the legal framework should be completed in any direction?
The first premise for investing in index results is possible to have good indicators. If we can get the necessary legal basis, to be able to get the index for the whole market would be very convenient. In addition, the investment in existing conditions can lead to a high number of false investment results from fluctuations of the reference index to invest in the index, it is necessary to neutralize the solution. The formation of the derivatives market will contribute to the life of the product can support investment in the index. Reportedly, the Ministry of Finance is drafting a decree on derivative market and investors are expected to have detailed instructions for deployment in the near future.
"Liquidity indicators should be adjusted towards tighter"
Mr. Vu Quang Dong, general manager of the Foreign Trade Bank Securities (VCBS)
Like VN30, was born HNX30 provide investors an additional perspective and approach to other markets besides the two main indices VN-Index and HNX-Index. In basketball HNX30, the first criterion for the selection of stocks is liquidity. Accordingly, the total volume and value of transactions in HNX30 code, representing 70-80% of the total volume and value of transactions throughout northern bourse.
However, not all of the stocks in the stock basket is HNX30 have good liquidity. Statistics show that over 50% of HNX30 liquidity due to the contribution of 5 shares and approximately 90% of HNX30 liquidity is due to the contribution of 15 shares. Approximately 20% of the shares in the index basket liquidity is relatively low, some code in some versions there is no transaction. This is one of the main causes of the reduced attractiveness index, making it difficult for investors, especially institutional investors with a large portfolio value, if HNX30 investment.
I said that to overcome the above problem, the liquidity indicators (including value and volume) of HNX30 should be adjusted towards tighter. For example, regulations require a minimum of liquidity, and consider shortening the time taken to determine whether liquidity and divided into several periods. Some stocks to surpass minimum liquidity of a few consecutive new to be ranked in the index basket. However, when this criteria is tightened it will likely not be enough 30 stocks in the index basket and can stand before HNX30 required to reduce the fine to be more effective.
"HNX30 meet the objective demands of the market"
HNX30 born have helped investors better insight on the transactions of shares on HNX, by this index includes the large-cap stocks, investors are concerned that the high representative.
In fact, HNX30 meet objective demands of the market, making investors more multi-dimensional look, in line with the international market, besides the general index also includes indicators on stocks each sector, according to market capitalization.
Investors can obtain HNX30 to serve as a basis for their investment activities, such as screening for effective investment HNX30 fluctuations, or as a basis for comparison of the relevant index, or tools New investors can emulate the simulation HNX30 as ETF ETF certificates HNX30.
Also, HNX30 help businesses listed on HNX in operation striving to achieve more efficient, more transparent information for selected stocks in the index basket. Of course, when no longer meets the criteria for stocks that will be removed from the index basket, thereby creating the conditions for business further self-improvement.
KLS is one of the stocks included in the basket HNX30 from the beginning, we have always been aware of this honor. In addition, we also strive to corporate governance activities are complying with the law, work for the benefit of shareholders, ensuring the transparency ...
On the occasion of the anniversary of the birth HNX30, KLS wish HNX30 plays an increasingly important role on the HNX Vietnam stock market as a whole.
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