Foreign investors realized their profits on blue chips stocks. The (far from exhaustive) list includes VNM, BVH, HAG, VIC, DPM, PVS, VCG.
This was no surprise. It was even inevitable. The uptrend has been so rather aggressive I became suspicious.
Firstly, the uptrend in price outweighted profit growth. It’s a hint of yet another minor irrational exuberance.
Secondly, the S&P 500 has been the best performing index worldwide in USD, attracting capital.
Specifically for VNM, the sale is motivated by ex-dividend.
Again, this is a hindsight bias, I cashed out anyway.
Disclaimer: I’m not involved in any institutional investor benefiting from these recent trades.