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Securities foreign investors refer buying
Foreign investors bought close to 5 million shares and fund certificates in the week between February 18 and 22, doubling the figure they did the previous week, while the stock market experienced a slid.
They disbursed more than 392 billion VND into the stock market in the reviewed week, compared with only 230 billion VND between February 11 and 15.
“What we are seeing here is panicked local selling. Despite the sell-off we are seeing considerable foreign buying,” Director in charge of transactions of Mekong Securities Dickon Verey commented.
He went on to note that considering the current PE rate, the market is starting to look fairly reasonable.
“They are continuing to buy. Foreign demand, after all, hasn’t been in question,” he confirmed.
Sharing the view with Dickon Verey, Head of the Consultancy Department of Vina Securities Hoang Vu Binh agreed that a number of investors took the time as suitable for buying but declined to give any prediction for the market development.
“We might see volatility down to 650 points on the VN-Index but then I expect a sharp rally that could well take us up to between 800-850 points. This would be a result of local buying and or a sustained foreign buy programme,” Dickon said.
VN-index dropped more than 17 percent since the beginning of this week, sliding to 687.1 points as reported at the close of the February 22 trading session.
VNA
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