 Foreign investors seen keeping active trading
Vietnam News - 7/28/2015 9:33:23 AM
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The VN-Index of the HCMC exchange is expected to beat the resistance level of 640 points as foreign investors turned more active last week.Luong Bien Nhan Quyen, head of the analysis department at ACB Securities Company, was quoted by Dau tu Chung khoan newspaper as saying that cash flow has shifted from bank, securities and insurance stocks to mid-caps and heavyweights of the steel, petroleum and food-beverage sectors as they have reported good earnings results. Therefore, the market uptrend could continue into this week. Phan Dung Khanh, head of investment advisory at Maybank Kim Eng Securities Company, said foreign investors would extend their net buying position in the coming time. Foreign trading does not make up a large ratio of total trading volume on the market but they focus on index drivers, which helps buoy or dampen investor sentiment. Last week saw the VN-Index and the HNX-Index closing mixed as the VN-Index inched up 0.42% against the previous week at 631.26 while the HNX-Index fell 0.86% at 86.32.Liquidity dropped sharply. The HCMC market reported matching volume of 536.4 million shares, down 14%, while there were 229.3 million shares changing hands on the Hanoi Stock Exchange, declining 12.8%.The market ended down last Monday due to the news about the arrest of former chairman of Vietnam National Oil and Gas Group (PVN) Nguyen Xuan Son over his alleged involvement in wrongdoing committed by former OceanBank chairman Ha Van Tham.The news sent oil and petroleum tickers down and had negative impact on investor sentiment.Weak sentiment also resulted in selloffs in almost all stocks.Fuel stocks performed better on the following session but investors took profits from other sectors namely banking, insurance and securities. Therefore, the market had another losing session. Sentiment improved in the middle of last week, supporting the VN-Index to jump on Wednesday. The main index continued to gain ground on Thursday with cash flow shifting to blue-chips. Heavyweights like MSN, PVD and KDC propped up the market but bank stock VCB and insurance ticker BVH dragged the market down in the last session of the week.Foreigners stayed on the buying side on both bourses with net buying value reaching some VND198.9 billion on the Hochiminh Stock Exchange and VND13.5 billion on the Hanoi market.On the southern bourse, foreign investors picked SSI, HPG and MSN shares worth VND217.4 billion, VND54.2 billion and VND52.4 billion respectively while offloading over VND144 billion worth of HAG shares.They acquired PVS and TNG, and sold PVC on the northern bourse.
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