From best to worst: Vietnam Airlines stock performance for PYN Elite fund

National flag carrier Vietnam Airlines’s stock was the bottom mover for Finland-based fund PYN Elite in July, a turnaround from best performer a month earlier.

The value of Vietnam Airlines (HoSE: HVN) holding by the fund dropped by a whopping 36% last month after having risen 19.4% in June, according to the fund’s monthly review.

This reflected a 36% fall in HVN stock value the same month, moving between VND20,200 ($0.8) and a one-year high at VND36,350 apiece, according to exchange data.

The HVN stock was followed by Dat Xanh Real Estate Services JSC (HoSE: DXS) and DNSE Securities JSC (HoSE: DSE) as July’s worst performers for the fund.

Meanwhile, HDBank (HoSE: HDB), Petrolimex (HoSE: PLX) and MBBank (HoSE: MBB) gained the most last month, rising 19.1%, 12.2% and 9.9%, respectively.

Sacombank (HoSE: STB), Airports Corporation of Vietnam (HoSE: ACV), MBB, HDB, and TPBank (HoSE: TPB) were the top five holdings whose holding value remained unchanged from June.

PYN Elite’s net asset value (NAV) remained unchanged from June at EUR454.77 million ($497.46 million). Its overall performance rose 13.14% between January and July.

Lan Nguyen with the PYN Elite portfolio team commented that the market experienced a turbulent July with the benchmark VN-Index fluctuating sharply between 1,220 and 1,300 points, closing up 0.5% month-on-month.

The market was supported by the banking sector's outperformance, while small- and mid-caps tumbled to profit-taking.

The pressure on the Vietnamese dong (VND) eased significantly with the currency appreciating by 0.76% month-on-month against the U.S. dollar, thanks to a weaker USD following dovish comments from the Fed.

Q2 earnings from many listed companies showed a strong recovery from last year's slump.

On August 3, State President To Lam was elected as the new General Secretary of the Communist Party of Vietnam following the passing of Nguyen Phu Trong on July 19.

“He will continue his predecessor's economic and diplomatic legacy but is also expected to be a pro-business leader,” PYN Elite's Lan said.