Fubon ETF continues to disburse USD 5 million in the 5th funding round

 According to data from Fubon, on March 16, the volume of fund certificates (CCQs) of the Fubon FTSE Vietnam ETF increased by 14 million units, meaning the fund bought about 155 million TWD (~$5 million) shares. Vietnam. 

Before that, right after starting to attract the first capital flows, this ETF disbursed nearly 8 million USD on March 15. The disbursement is part of the 5th additional mobilization of Fubon ETF with the amount of TWD 5 billion (~USD 160 million). 

The disbursement move of Fubon ETF is expected to continue extending the chain of net buying of foreign investors on the Vietnamese stock market in the context that the cash flow from Thailand is clearly slowing down.

At the end of the session on March 16, foreign investors were net buyers for 8 consecutive sessions on HoSE with a total value of more than 2,650 billion dong. However, in general, in the past one month, foreign investors still net sold nearly 650 billion dong.

The net asset value of the Fubon ETF reached more than 22.6 billion TWD (~750 million USD) as of March 16, of which the stock portfolio accounted for 97%. 

The top 10 largest investments in the portfolio account for more than 72.6% of the fund's NAV, of which Hoa Phat's stock (HM: HPG) leads with a weight of 10.8%. Followed by (HM: VIC), (HM: VNM), (HM: VHM), (HM: MSN), (HM: VCB), ...

In a report late last year, Fubon ETF once emphasized that "now until February 2023 will be an extremely good period to invest in the Vietnamese stock market". 

After drastic moves by competent authorities to purify and transparent the market, the fund is confident that the stock market will return to a reasonable growth trajectory.

In the week ending March 15, banks in the US borrowed about $152.85 billion from the Fed's discount lending program to manage liquidity.

Last week, the number of borrowings was only 4.58 billion USD. The previous high was $111 billion, during the 2008 financial crisis. The data also shows that banks borrowed an additional $11.9 billion from an emergency assistance program called the Grants Program. 

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Bank Futures Capital (BTFP) that the Fed deployed on March 12, after the collapse of Silicon Valley Bank (SVB) and Signature Bank. With total assets of about 209 billion USD, SVB became the second largest bank in US history to fail, only after the 2008 Washington Mutual incident. Less than 18 months ago, SVB was valued at more than 44 billion USD.

Overall, the fact that banks have borrowed a total of 164.8 billion USD shows that the US banking system is still very fragile. They are facing the risk of deposit withdrawal after the closure of SVB and Signature.

In the wake of recent shocking events, the Fed's balance sheet has shrunk significantly since the US central bank began quantitative tightening last June, according to Bloomberg. However, recent emergency loans have reversed about half of the shrinking Fed balance sheet. And the Fed's reserve balance grew by about $440 billion in a week.

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