Despite the low consumer price index in November, investors still stood on the sidelines last week as the VN-Index and average daily trade on the southern bourse were lower than the previous week.
With four falling and one rising session, the VN-Index lost a combined 4.01 points last week and hit 381.7 on Friday. A familiar scenario of moving in a narrow range of the VN-Index expanded last week as the index did not change over 0.5% a day.
Moreover, trade on the bourse nearly declined day by day. The whole week saw an average 21 million securities changing hands a day with an average value of VND300 billion. The trading value last week was the lowest of the year.
Last Friday saw 84 stocks increasing and 97 others falling. Most of high-cap stocks declined as only six of the 30 biggest stocks on the bourse rose while 14 others fell. That made the VN30 index lose 2.51 points at 449.73.
Foreigners were net buyers on Friday with a net buying value of VND5.56 billion. In general, they still focus on large-cap stocks like KDC, DPM, PNJ, HSG, and BVH. Kinh Do Corp. (KDC) led the buying list of foreign investors as their buying of the stock was worth VND29 billion last week.
Given the recent poor performance of the stock market, securities companies haven’t given any optimistic comments. Viet Capital Securities said in a report last Friday that there was no clear market trend, so disbursing money at the moment was seen as unwise.
Viet Dragon Securities Co. said that the recovery prospect of the stock market in short and middle terms were very low. If the VN-Index falls below 380 points this week, it will help to improve market liquidity, but the firm’s analysts don’t expect that more investors will jump into the market to catch low-price opportunities given the current situation.
The Hanoi index fell 0.7% to 51.2 points on Friday and lost a total of 0.61 point last week. Investors traded 21.3 million shares on the northern bourse on Friday at a total value of VND125 billion, rising 15% and 36% from the session earlier.
The Saigon Times Daily