Foreign investors turn net buyers of Vietnamese stocks

Foreign investors on Tuesday turned net purchasers to the tune of VND56 billion ($2.37 million) on the Ho Chi Minh Stock Exchange (HoSE) after net selling VND82 billion ($3.47 million) in the previous session.

They mainly net purchased HPG of steel maker Hoa Phat, KBC of Kinhbac City Holdings, VND of VNDirect Securities, HSG of Hoa Sen Group, and MSN of Masan Groug; while net selling VIC of Vingroup, STB of Sacombank, VHM of Vinhomes, and DXG of Dat Xanh Group.

The VN-Index, which represents the HoSE, dropped 5.06 points, or 0.48%, to 1,038.64, with 221 gainers and 175 losers. The major bourse saw nearly 396 million shares traded for more than 6.7 trillion ($283.8 million), a decrease of 35.72% from the previous session.

The main reason for the VN-Index decline was selling pressure from blue chips in the VN30 basket, with 17 tickers losing and 11 gaining. VHM, BID of BIDV bank, VCB of Vietcombank, SAB of brewer Sabeco, CTG of Vietinbank, VPB of VPBank, VIC and NVL of Novaland had the most negative impact on the market.

Meanwhile, securities stocks showed their best performance, with VND expanding 3.3%, SSI of Saigon Securities 2.2%, and VCI of Viet Capital Securities 1.4%.

Green also covered other groups like steel, oil and gas, chemical, fertilizer, industrial real estate, garment, coal, construction and insurance.

The HNX-Index on the Hanoi bourse went up 0.37 points to 204.86, while the UpCOM-Index on the unlisted public company market rose 0.74 points to 77.94.

In a related development, the HoSE has decided to delist nearly 710 million shares of FLC Group from February 20 because of "serious violations of information disclosure obligations".

FLC Group’s shares were banned from trading from September 9 over information disclosure violations. At present, the firm has a total of 64,700 shareholders. Previously, on March 29, FLC chairman Trinh Van Quyet was arrested on charges of “manipulating” and “concealing information in securities activities”.