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Transactions hit record high
It was a historic week for the stock market of Viet Nam as trading volume and value on both national exchanges reached a record high on Thursday.
However, with intense profit-takings during the final two trading days of the week, the VN-Index closed 0.29 per cent lower to end at 570.57 points.
The HNX-Index, however, gained 1.79 per cent over last week to reach 80.17 points.
On Thursday, VND5.5 trillion (US$261.9 million) was injected into the market, setting a record high liquidity mark.
Yet despite a large cash flow, the benchmark indices failed to gain, tumbling 1.22 per cent and 3.42 per cent on the HCM City and Ha Noi exchanges, respectively, as investors boosted selling shares during the final 10 minutes of the trading hours in a sudden profit-taking move. More than 400 million shares changed hands on Thursday.
On Friday, investors became more cautious after Thursday's historic trading session, which posted record liquidity and sell-offs. As a result, liquidity eased on Friday with the benchmark index losing 0.08 per cent.
Over the week, on the HCM City Exchange the trading value averaged more than VND2.7 trillion ($128.5 million) on an average trading volume of 173 million shares.
Additionally, the average figures on the Ha Noi Stock Exchange were VND1.049 trillion ($49.9 million) and 105 million, respectively.
Of the two bourses, the trading value averaged VND3.7 trillion ($176.2 million), more than three times higher than the average figure last year.
The market liquidity has remained strong since the Tet (Lunar New Year) holiday, averaging VND3 trillion ($142.8 million) and tripling the 2013 figure, signaling that the potential of the capital inflows will be very large.
Regarding Thursday trading, stock analysts said that the large trading volume and value, and the benchmark indices' losses, reflected investor confidence over increasing waves to come.
Tran Hoang Son, an analyst from the Military Bank Securities, said that along with macro-economic improvements, the stock market was becoming increasingly appealing to investors. In addition, the foundation of open-ended funds would also help boost capital inflows in the market.
Last week, capital was poured into both blue chips and speculative stocks.
Stocks in the securities, real estate and construction sectors were the most active. PetroVietnam Drilling (PVD), Masan Group (MSN), FPT Group (FPT), Vingroup (VIC) and Vietcombank (VCB) saw large gains last week, and played a role as supporters of the benchmark indices.
Also, foreign investors were net buyers in most trading sessions of the week, with a net value of VND411.9 billion ($19.6 million).
Foreigners targeted Vietcombank (VCB), Hoa Sen Group (HSG), PetroVietnam Gas Corporation (GAS), Kinh Bac Urban Development Company (KDC) and PetroVietnam Fertilisers, and Chemicals Corporation (DPM).
According to Bao Viet Securities, the market is expected to remain at a high level and urged investors to be cautious.
Of note, it was heard at the State Securities Commission on Friday that regulations allowing increasing foreign stakes for foreign investors at listed companies are to be issued soon, which is expected to stimulate the market this week.
FPT Securities provided an optimistic view of the long-term market development, saying the benchmark indices are expected to approach higher point bands.
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