Another day, another surge for the Market Vectors Vietnam ETF (NYSEArca: VNM). After the benchmark VN Index touched a three-and-half year high Thursday, VNM climbed 4.7% on strong volume.
The lone Vietnam ETF is higher by 5% Friday on volume that is already more than five times the daily average. Speaking of volume, traders have been racing into VNM in recent days. Turnover in the ETF was 285,000 shares Tues before leaping to 819,300 shares Wednesday and then onto 1.23 million Thursday. At this writing, VNM’s Friday volume is over 1.05 million.
International investors bought a net $9.2 million of Vietnamese shares yesterday, a 19th day of purchases, the longest such streak since October and purchased $23.2 million of shares this week through Thursday, the biggest week of purchases since the period ended Dec. 20, according to Bloomberg.
The VN Index is on an 11-session winning streak as buyers have embraced Vietnam’s blue chips such as Petrovietnam Technical Services, Petrovietnam Fertilizer & Chemical, Petrovietnam Drilling And Well Services and Hoa Phat Group. [Blue Chips Boost Vietnam ETF]
Earlier this month, ETF Trends reported that VNM was poised to rally on news that the Southeast Asian nation has increased the foreign ownership limit in its banks.