|A customer checks local indices via Sacombank's online stock floor. — VNS Photo Thai Ha
HA NOI (VNS) — The VN-Index may continue to fall this week as investors are losing patience and continue to sell to escape from the market, securities companies forecast.
According to Saigon Commercial Bank Securities JSC (SBS), the VN-Index may decline to a range of between 520 to 530 points this week.
In addition, Bao Viet Securities JSC (BVSC) said that foreign investors would most likely remain net sellers this week, but their total net selling value could decline, and the improving large-cap stocks, especially bank codes, would be enough to balance foreign investors' selling.
Last week, foreign investors sold stocks worth VND710.89 billion (US$33.8 million), mostly blue chips, on the national stock market, creating heavy pressure on both bourses and causing them to decline throughout the week.
On the HCM City Stock Exchange (HOSE), foreign investors were net sellers five sessions in a row, recording a total net selling value of VND613.23 billion (US$29.2 million), 96 times the value recorded the previous week.
Gas blue chips were the most sold large-cap stocks, including the PetroVietnam Drilling & Well Service Corporation (PVD) and PetroVietnam Gas JSC (GAS). These two stocks had a rough declining week and were the major factors that dragged the market down.
However, the increase in the world oil price to $50 per barrel did not have any effect on the national market as the government kept the domestic price unchanged.
As many as 3.2 million PVD shares worth VND149 billion ($7 million) and 1.5 million GAS shares worth VND106.4 billion ($5 million) were sold in the market.
In addition to PVD and GAS, shares of other blue chips, including Saigon Securities Incorporation (SSI) and Hoang Anh Gia Lai JSC (HAG), were also sold in large volumes of 2.5 million shares worth VND52.7 billion ($2.5 million) and 3.2 million shares VND68.7 billion ($3.27 million), respectively.
Also, on the Ha Noi Stock Exchange (HNX) foreign investors were net sellers in five consecutive sessions, with a total net selling value of VND97.66 billion ($4.65 million).
Gas codes were the most sold stocks on the market, with PetroVietnam Technical Service JSC (PVS) having 2.23 million shares sold, worth VND52.7 billion ($2.5 million).
Furthermore, the total market liquidity recorded a sharp drop last week as the HOSE saw 454.5 million shares being traded, a decrease of 17.3 per cent. Its total trading value also dropped 13.8 per cent to VND8.5 trillion ($404.7 million). In addition, the trading volume of the HNX decreased 6.5 per cent to 283.8 million shares worth VND2.77 trillion ($131.9 million), a decrease of 11.6 per cent.
The stock that gained the most market value in the southern market was Angiang Fisheries Import & Export JSC (AGF), posting a rise of 27.78 per cent to stand at VND23,000 per share.
In the northern market, the top gainer was HCM City Textbook Printing JSC (SAP), recording a 23.46 per cent gain in market value to close at VND10,000 per share. — VNS