|Investors monitor shares at the FPT Securities. — VNS Photo Truong Vi
HA NOI (VNS)— The Vietnamese stock market is witnessing contrary movements, with individual investors buying in hopes of brighter prospects and major shareholders selling after making huge profits.
The market began to decline nearly two weeks after a long rally, but a good number of investors are still pouring money into it in the belief that it will rise again in the medium and long term, as shown in the high trading volume at each session. This strong demand during the bear sessions helped to cushion the market.
On the other end of the spectrum, a good number of major and internal shareholders are unloading shares. They opted to exit the market when it peaked and earned billions of Vietnamese dong in profits.
The market is fluctuating along a narrow range now because of a lack of support from big investors. In recent sessions, a large quantity of oil and gas-related shares and hot stocks rode the previous rise in market momentum and were sold. However, demand for these shares is also high, with tens of millions of shares bought every session.
Viet Nam Public Bank (PVComBank) has registered to sell shares of four oil and gas companies, including PetroVietnam Drilling and Wells Service Corporation (PVD), PetroVietnam Technical Services Corporation (PVS), PV2 Investment Co (PV2) and Petroleum Real Estate Co (PVL). The total value of these sales could reach VND1.4 trillion (US$66.4 million).
Many oil and gas stocks have risen by 80 per cent in value in the past, and analysts said PVComBank chose the best time to sell these shares.
Meanwhile, the leaders of Petroleum Equipment Assembly and Metal Structure Co (PXS) and their relatives sold thousands to several tens of thousands of the company's shares.
In addition, companies were seen unloading stakes in subsidiaries and affiliates. This month, Viet Nam Posts and Telecommunications Group (VNPT) announced it would sell all of its 40.6 million shares in Sacom Investment and Development Corporation (SAM), equivalent to 31.04 per cent of SAM's total capital. — VNS