Stock market faces growing selling pressure from foreign investors

By
Kha Moc, Minh Hue

Sun. June 16, 2024 | 3:30 p.m. GMT+7

The Vietnamese stock market experienced a week of slight correction, with strong net selling by foreign investors.

At the end of the week of June 10 to 14, the VN index, which represents the Ho Chi Minh Stock Exchange (HoSE), decreased by 7.67 points, or 0.6% compared to the previous week, to 1,279.91 points.

Trading volume on the main exchange reached 907 million units, up 5.97% week-on-week. The Hanoi Stock Exchange's HNX index fell 1.02 points, or 0.42 percent, to 243.97.

According to broker Saigon-Hanoi Securities (SHS), foreign investors increased their net sales to VND5.53 trillion ($217.25 million) on the HoSE.

They mainly sold top-tier stocks such as FPT of tech giant FPT, VHM of real estate developer Vinhomes, HPG of steel giant Hoa Phat, VNM of Vinamilk, VRE of Vincom Retail, VCB of Vietcombank, MWG of Mobile World Investment Corp. and VIC. of the private conglomerate Vingroup.

Many groups of stocks recorded negative developments last week, notably oil and gas with the BSR of the Binh Son refinery (-3.8%), the PVC of PV Coating (-3.7%), the PLX from Petrolimex (-2.41%) and the PVD from PV. Drilling (-1.58%); insurance from BVH of Bao Viet (-4.09%), BMI of Bao Minh (-3.43%), MIG of Military Insurance Corp. (-2.55%); and real estate with HDG from Ha Do Group (-4.84%), NVL from Novaland (-4.07%), VHM from Vinhomes (-2.05%) and NLG from Nam Long Group (-1.29 %).

However, many other sectors still showed positive performance, such as banks, technology and securities.

SHS said that under the strong correction pressure during the weekend session, the VN index once again fluctuated in the area of ​​1,250-1,300 points in the short term. Investors should consider selling weak stocks or reducing the proportion of stocks whose earnings meet expectations.

Mid- and long-term investors can hold on to their current portfolios and increase their stocks based on their careful assessments of second-quarter business results and companies' year-end prospects, he advises.

Similarly, Saigon Securities (SSI) estimated that the VN index could not maintain the psychological threshold of 1,300 points and returned to the accumulation zone of 1,278 to 1,279 points.

The benchmark index is expected to hover around 1,278 to 1,279 points and will likely rise to around 1,300 next week, he said.

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