Stock market faces increasing selling pressure from foreign investors

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 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.

Comments (0)
  • Read More
Nghiem Xuan Thanh appointed Party chief of Khanh Hoa province

Nghiem Xuan Thanh appointed Party chief of Khanh Hoa province

Nghiem Xuan Thanh, Party chief of Hau Giang province, was appointed by the Politburo, the country’s supreme decision-making body, to be Khanh Hoa province’s Party chief for the 2020-2025 term.

Politics - Sun, November 3, 2024 | 7:45 pm GMT+7

Thailand seeks FTA negotiations with Eurasian Economic Union

Thailand seeks FTA negotiations with Eurasian Economic Union

Thailand is holding talks with Russia to expedite negotiations for a free trade agreement (FTA) with the Eurasian Economic Union (EAEU).

Southeast Asia - Sun, November 3, 2024 | 7:20 pm GMT+7

Indonesia attracts foreign investment in technology sector

Indonesia attracts foreign investment in technology sector

As many as 19 Australian companies have expressed an interest in investing in Indonesia's technology sector, Communication and Digital Affairs Minister Meutya Hafid said on Thursday.

Southeast Asia - Sun, November 3, 2024 | 7:18 pm GMT+7

Robots work hard, don’t argue: Viettel exec counsels effective use of technology

Robots work hard, don’t argue: Viettel exec counsels effective use of technology

Small businesses in logistics should look to use existing tools, software and technology solutions effectively, says Dinh Thanh Son, deputy CEO of Viettel Post.

Companies - Sun, November 3, 2024 | 4:30 pm GMT+7

Vietnamese multi-sector group Masan uses AI to forecast product sales: executive

Vietnamese multi-sector group Masan uses AI to forecast product sales: executive

AI has helped Masan Group forecast the number of items likely to be sold during peak season based on available data and to optimize product placement, says An Luong, head of the corporation’s artificial intelligence & data science division.

Companies - Sun, November 3, 2024 | 2:51 pm GMT+7

Vietnam needs large, specialized logistics centers to compete better: official

Vietnam needs large, specialized logistics centers to compete better: official

Vietnam needs large-scale, specialized logistics centers that will enable greater competitiveness of local economies and enterprises, says Tran Thanh Hai, deputy head of the Ministry of Industry and Trade's agency of foreign trade.

Economy - Sun, November 3, 2024 | 11:00 am GMT+7

Vietnam manufacturing sector sees 35% increase in Q3 job orders: Adecco

Vietnam manufacturing sector sees 35% increase in Q3 job orders: Adecco

Vietnam’s manufacturing and sourcing sectors saw a substantial 35% year-on-year increase and a 52% quarter-on-quarter increase in Q3/2024 job orders, global workforce solutions provider Adecco said in a reseach report released Thursday.

Economy - Sun, November 3, 2024 | 9:00 am GMT+7

Construction majors to continue capitalizing on public investment projects

Construction majors to continue capitalizing on public investment projects

Vietnamese construction giants are expected to continue capitalizing on public investment projects for the remainder of this year after delivering strong performances in the third quarter, analysts say.

Companies - Sun, November 3, 2024 | 8:00 am GMT+7

Former Government Office chairman receives $7,900 bribe from property project

Former Government Office chairman receives $7,900 bribe from property project

Mai Tien Dung, former Minister-Government Office Chairman, received a bribe worth VND200 million ($7,900) from Nguyen Cao Tri, owner of the Dai Ninh eco-resort and urban area project in Lam Dong province.

Society - Sat, November 2, 2024 | 9:13 pm GMT+7

Thai food giant CP enters public-private partnership to promote food system transformation

Thai food giant CP enters public-private partnership to promote food system transformation

Thai-invested C.P. Vietnam Livestock JSC and the Partnership for Sustainable Agriculture Vietnam (PSAV) signed a memorandum of understanding Friday on working together to advance sustainable agriculture in the country.

Companies - Sat, November 2, 2024 | 7:16 pm GMT+7

Central Vietnam province Quang Ngai to begin work on new VSIP industrial park next year

Central Vietnam province Quang Ngai to begin work on new VSIP industrial park next year

Vietnam’s central province of Quang Ngai will work with the investor to have construction of VSIP II Quang Ngai, a facility based on the Vietnam-Singapore Industrial Park (VSIP) model, begin in August 2025.

Industrial real estate - Sat, November 2, 2024 | 3:47 pm GMT+7

Vietnam likely to grow 6.5% in 2024-2025: VinaCapital

Vietnam likely to grow 6.5% in 2024-2025: VinaCapital

VinaCapital, among the biggest foreign-run asset managers in Vietnam, has forecast the country’s economy to achieve 6.5% growth in both 2024 and 2025, with the composition of the expansion to change to more domestically driven factors next year.

Economy - Sat, November 2, 2024 | 2:00 pm GMT+7

Major Vietnamese developer Novaland appoints new CEO

Major Vietnamese developer Novaland appoints new CEO

Duong Van Bac, who joined Novaland as chief financial officer in August 2023, has been appointed general director, starting Friday.

Companies - Sat, November 2, 2024 | 10:24 am GMT+7

Vietnamese conglomerate Bamboo Capital posts 36-fold profit growth in Q3

Vietnamese conglomerate Bamboo Capital posts 36-fold profit growth in Q3

Ho Chi Minh City-based Bamboo Capital Group recorded an after-tax profit of VND331.2 billion ($13.1 million) in the third quarter of 2024, an astounding 36-fold expansion year-on-year.

Southeast Asia - Sat, November 2, 2024 | 9:41 am GMT+7

ThaiBev to bag $54 mln from Sabeco’s upcoming dividend payout

ThaiBev to bag $54 mln from Sabeco’s upcoming dividend payout

Vietnam Beverage, wholly owned by Thai Beverage (ThaiBev) will rake in VND1,374 billion ($54.26 million) worth of dividend from Ho Chi Minh City-based top brewer Sabeco.

Companies - Sat, November 2, 2024 | 9:13 am GMT+7

Steel heavyweight Hoa Phat pours over $2 bln into central Vietnam complex

Steel heavyweight Hoa Phat pours over $2 bln into central Vietnam complex

Leading Vietnamese steelmaker Hoa Phat had invested more than VND52.5 trillion ($2.08 billion) in its Dung Quat Iron and Steel Integrated Complex (Dung Quat 2) in the central province of Quang Ngai as of Q3/2024.

Industries - Sat, November 2, 2024 | 8:00 am GMT+7