Net buys by foreign investors aid stock market recovery

The Vietnamese stock market recorded a slight recovery last week, aided by foreign investors’ net buys of VND551 billion ($23.54 million) on the Ho Chi Minh Stock Exchange (HoSE).

The VN-Index, which represents stocks on the HoSE, rose by 15.51 points, returning to the 1,200 point territory.

The HoSE saw a 0.44% reduction in transaction value compared to the previous week to VND61,226 billion ($2.62 billion), with 2,562 million shares changing hands, down 4.7%.

GAS (PV Gas) was the most active stock of the week, contributing 4.37 points to VN-Index’s gain, followed by MSN (Masan Group), SAB (Sabeco), MWG (Mobile World), and VIB (VIB Bank).

VIC (Vingroup), HPG (Hoa Phat Group) and VHM (Vinhomes) exerted the most negative impact on the index.

Foreign investors were net buyers in the last five sessions to the tune of VND551 billion ($23.54 million).

GAS was the stock most bought by this group of investors, with a net buy value of VND187.3 billion ($8 million), while HPG was sold the most at VND128.4 billion ($5.49 million).

Saigon-Hanoi Securities JSC said the market movements last week suggested that in the short term, VN-Index has temporarily escaped from the downtrend that has lasted since April 2022.

Another broker, Vietcombank Securities, assessed that the VN-Index recovered well last week. However, weakening demand in the last sessions indicated investors were being cautious.