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Foreign investors increase stock sales during week
Foreign investors sold out close to 4.6 million shares at the Ho Chi Minh City Stock Exchange this week, the largest volume since the beginning of 2008, fetching 442.2 billion VND (27.63 million USD).
On January 16 alone, foreign investors brought onto the market nearly 2.5 million shares as the VN-Index at the country’s biggest bourse surged by a record of 37.24 points to close at 846.07 points.
Explaining the move, Tran Quoc Trieu, a senior executive from the Saigon Securities Inc., said foreign investors are expecting a lower price.
At such an emerging market as Viet Nam, it is acceptable that the Price/Earnings (P/E) ratio for the stock is over 20, he said, adding that investors are waiting for a lower P/E in the near future.
By the end of the January 18 trading session, the VN-Index dropped by 13.72 points from last week’s final session to finish at 847.05 points.
VNA
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