HNI outperforms VNI. On Thursday, money flow was back to penny stocks, particularly on the northern bourse. At the close, the VNI gained 2.3 points to sit slightly above 490.6 while the HNI advanced 1.4% to 65. Turnover on the HNX improved by 28% but contracted 2% on the HSX. After the VNI’s rally and in particular blue chips in January, we think domestic investors have turned cautious on the large caps and redirected interest to the smaller caps on the northern bourse.