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Foreign investors, lower rates buoy market
The VN-Index marched in place on Nov. 11, closing up a negligible 0.01 percent to end the day at 366 points.
A total of 16 million shares were traded on the day at a value of 518 billion VND (30.8 million USD).
Foreign investors were net sellers on the day, with 710,000 shares bought and 1.87 million units sold, for a net sales figure of 79.2 billion VND (4.7 million USD).
Hoang Thi Hoa, director of the analysis department at Viet Capital Securities, said supply and demand on the market were now in relative balance, with liquidity being well maintained.
In the three final trading days of last week, foreigners were net buyers with net buys worth 140 billion VND (8.3 million USD), Hoa noted.
Hoa said that lower interest rates and renewed foreign investor interest were helping sustain a market still challenged by the psychology of domestic investors, world market fluctuations, and the impact of the US economic crisis on Vietnamese exports.
Analysts in general were predicting that many listed firms would report lower profits in the fourth quarter and that more bad economic news was on the way, including higher inflation in the final two months of the year due to recent heavy rains and flooding.
In Hanoi on Nov. 10, the HASTC Index added 1.99 points, or 1.71 percent, to close at 118.35. About 9.57 million shares changed hands for a total turnover of 273 billion VND (16.25 million USD).
Asia Commercial Bank’s listing of 200 million additional shares would present some challenges for the market this week, EuroCapital Securities said in a report.
VNA
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