By
Kha Moc, Minh Hue
Sun, June 16, 2024 | 3:30 pm GMT+7
The Vietnamese stock market experienced a week of slight correction, with strong net selling by foreign investors.
Ending the June 10-14 week, the VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), decreased 7.67 points, or 0.6% from the previous week, to 1,279.91 points.
The VN-Index decreased 7.67 points to 1,279.9 in the trading week ending June 14, 2024. Photo by The Investor/Gia Huy.
The trading volume on the major bourse reached 907 million units, up 5.97% week-on-week. The HNX-Index on the Hanoi Stock Exchange fell 1.02 points, or 0.42%, to 243.97.
According to broker Saigon-Hanoi Securities (SHS), foreign investors increased their net selling to VND5.53 trillion ($217.25 million) on the HoSE.
They mainly sold leading stocks such as FPT of tech giant FPT, VHM of real estate developer Vinhomes, HPG of steel giant Hoa Phat, VNM of Vinamilk, VRE of Vincom Retail, VCB of Vietcombank, MWG of Mobile World Investment Corp., and VIC of private conglomerate Vingroup.
Many stock groups recorded negative developments in the past week, notably oil and gas with BSR of refinery Binh Son (-3.8%), PVC of PV Coating (-3.7%), PLX of Petrolimex (-2.41%), and PVD of PV Drilling (-1.58%); insurance with BVH of Bao Viet (-4.09%), BMI of Bao Minh (-3.43%), MIG of Military Insurance Corp. (-2.55%); and real estate with HDG of Ha Do Group (- 4.84%), NVL of Novaland (-4.07%), VHM of Vinhomes (-2.05%), and NLG of Nam Long Group (-1.29%).
However, many others still showed positive performance such as banking, technology and securities.
SHS said that under strong correction pressure in the week-ending session, the VN-Index returned to fluctuate in the area of 1,250-1,300 points in the short term. Investors should weigh selling weak stocks or reducing the proportion of tickers with gains meeting expectations.
Medium- and long-term investors can hold their current portfolios and can increase shares based on their careful evaluations of Q2 business results and year-end prospects of businesses, it advised.
Similarly, Saigon Securities (SSI) assessed that the VN-Index could not maintain the psychological threshold of 1,300 points and returned to the accumulation zone of 1,278 -1,279 points.
The benchmark index is expected to hover around 1,278-1,279 points and will likely recover to the 1,300 range next week, it said.
