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Market comment
The economic fundamentals remain healthy, with the industry production value and total retail sales increasing in the first six months of the year.
The market’s recent corrections, however, have relied on investor sentiment, not on those facts. Heavy selling to book profits frightened investors.
But recent drops showed there were contrasting trends between stocks, with construction, property and plastic stocks continuing to rise.
Vietnam International Securities Co.
No more large cash flows like ones in previous weeks poured into the market last week. Consecutive heavy sell-offs by foreign investors and major corporate insiders triggered fears in the market.
We think the market will fluctuate within a 10 percent range this week.
VNDirect Securities Co.
Buying on the market on Monday was weak as substantial investors stood on the sidelines. Investor confidence is slumping, selling off shares heavily. Insurance and property stocks were among shares investors dumped sharply Tuesday to take profits from previous rises.
Without institutional investors’ participation, the market will likely slide below the 450 mark on Tuesday.
Saigon Securities Inc.
thanhnien, DTCK
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