Stock market faces increasing selling pressure from foreign investors
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 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.
- Read More
US to support Indonesia in developing small modular nuclear reactors
The U.S. has pledged to assist Indonesia in accelerating the development of small modular nuclear reactors (SMRs), according to Indonesia's Presidential Office.
Southeast Asia - Sat, November 16, 2024 | 12:13 am GMT+7
Singapore's venture capital market grows increasingly attractive
Despite a slump in funding, Singapore’s venture capital market remained active in the first nine months, The Straits Times reported.
Southeast Asia - Sat, November 16, 2024 | 12:08 am GMT+7
VinFast CEO-owned firm secures extra deal to lease EVs to ride-hailing firm
A taxi service provider based in Vietnam’s central province of Binh Dinh will lease 1,000 VinFast electric cars from an electric vehicle (EV) leasing firm that is 90% owned by billionaire Pham Nhat Vuong, the CEO of the Vietnamese carmaker.
Companies - Fri, November 15, 2024 | 8:35 pm GMT+7
Chinese, Vietnamese firms plan $2 bln renewable energy-hydrogen project
3TI Progetti Asia, a local planning-design business, and two Chinese firms plan to invest $2 billion in a hydrogen production project using renewable energy in Vietnam's south-central province of Ninh Thuan.
Energy - Fri, November 15, 2024 | 7:35 pm GMT+7
US Treasury retains Vietnam on ‘monitoring list’ for currency management
Vietnam, a major trading partner, remains on the U.S. Treasury Department’s “monitoring list,” the department has affirmed in its November 2024 report to the Congress.
Economy - Fri, November 15, 2024 | 4:48 pm GMT+7
Vietnam developer Becamex IDC plans to auction 300 mln shares
Becamex IDC Corp, a leading eco-industrial and urban real estate developer in Vietnam, plans to auction 300 million shares with a minimum starting price of VND50,000 ($1.97) apiece on the Ho Chi Minh Stock Exchange (HoSE).
Companies - Fri, November 15, 2024 | 4:43 pm GMT+7
Vietnam shares end in red as US dollar climbs to new high
The U.S. dollar has strengthened against the Vietnamese dong to reach a fresh high on Friday, hampering investor sentiment on the stock market.
Finance - Fri, November 15, 2024 | 4:34 pm GMT+7
IFC invests $1.6 bln in Vietnam, focusing on green transition, private sector resilience
IFC, the private sector lending arm under the World Bank Group, has committed to provided loans totaling over $1.6 billion, including more than $750 million in long-term finance, in Vietnam in its fiscal year ending June 30.
Banking - Fri, November 15, 2024 | 3:09 pm GMT+7
Danang free trade zone earmarked as integrated business urban area
Danang city in central Vietnam has proposed the establishment of a free trade zone (FTZ) as an integrated business urban area to fully capitalize on the city's development advantages.
Economy - Fri, November 15, 2024 | 2:49 pm GMT+7
Vietnam mulls tax relief for Thailand SCG, Korea Hyosung's petrochemicals projects
Deputy Prime Minister Tran Hong Ha has asked the Ministry of Finance to discuss and draft feasible solutions regarding import-export taxes per suggestions of Long Son Petrochemicals and Hyosung Vina Chemicals.
Industries - Fri, November 15, 2024 | 12:49 pm GMT+7
LG Display invests $1 bln more in Vietnam, $5.65 bln in total
LG Display, under South Korea’s chaebol LG, will invest $1 billion more in Vietnam’s northern coastal city of Hai Phong, scaling up its investment in the locality to $5.65 billion.
Industries - Fri, November 15, 2024 | 10:17 am GMT+7
Central Vietnam province Binh Dinh proceeds with 150 MW wind power plant
The administration of Binh Dinh province in south-central Vietnam has announced it will proceed with a VND5.5 trillion ($230 million) investment plan to build a 150 MW wind power plant.
Energy - Fri, November 15, 2024 | 9:32 am GMT+7
Vietnam real estate credit situation positive despite bond risks: VIS Rating exec
Credit accessed by Vietnamese real estate businesses has risen by 15-16% so far this year, said Duong Duc Hieu, director of rating and research at Hanoi-based Vietnam Investors Services (VIS Rating).
Real Estate - Fri, November 15, 2024 | 7:45 am GMT+7
WB approves $750 mln loan to boost Philippines' digital transformation
The World Bank (WB) approved a loan of $750 million on Wednesday to help boost digital transformation in the Philippines.
Southeast Asia - Thu, November 14, 2024 | 10:12 pm GMT+7
Google forecasts Indonesia to become Southeast Asia’s largest digital economy
A new report by Google, Temasek, and Bain & Company projects that Indonesia's digital economy will reach a gross merchandise value (GMV) of $90 billion in 2024, an annual increase of 13% and the largest figure in Southeast Asia.
Southeast Asia - Thu, November 14, 2024 | 10:06 pm GMT+7
Sekisui Heim Group targets low-cost housing investment in Vietnam
Japan’s Sekisui Heim Group is looking to implement affordable and social housing projects in Vietnam, says Ryuji Saimon, a representative of the group’s subsidiary, Thai SCG Heim.
Real Estate - Thu, November 14, 2024 | 9:53 pm GMT+7
- Consulting
-
Remove roadblocks to lure foreign investment into Vietnam: HSBC exec
-
Rethinking resilience: How typhoon Yagi redefines supply chain strategies in northern Vietnam
-
In trade and investment, ASEAN and China are better together
-
AI can be a game changer for Vietnam tourism
-
Investment opportunities in LNG-to-power projects in Vietnam
-
Pepper prices 2024: will the dream of 'black gold' repeat?