Weekly Wrap: Margin loans were 4.8% of free float at 4Q20

Weekly — January 25

The VNI posted its first weekly decline since October after failing to break through its historical high of 1204 points. The mainboard’s -5.1% drop on Tuesday seemed to shock many observers, but they should try to keep it in context: markets don’t go straight up forever, and the -2.3% weekly decline is hardly the stuff of nightmares. We don’t expect the market to test new highs heading into the Tet holidays, and we would be buyers of any additional panic sell-offs in the next 12 trading sessions.