|Investors watch the market indices at the Military Bank Securities Company in Ha Noi. — VNS Photo Truong Vi
HA NOI (VNS) — Most stock analysts maintained positive views on the market outlook this week, as money continued to flow strongly in equity assets, despite weakening foreign buys.
"Short-day adjustments seem-ed to end with liquidity rising strongly last week, and money kept flowing in various stocks. We expect the VN-Index will reach nearly 600 points, with purchasing opportunities expanding from oil and gas, banking to securities shares," analysts at Maritime Securities Co wrote in a report.
On the HCM Stock Exchange, the benchmark VN-Index gained a cumulative 1.5 per cent over the week, closing on Friday at 578.07 points, while the VN30, which tracks the top 30 shares by market value and liquidity, added a modest 0.49 per cent to end at 592.22 points.
Alternative increases in speculative stocks, including banking, real estate, oil, gas and securities, were the main driving force to help maintain the market's uptrend, despite declines in trades by foreign investors.
Big gainers last week included Vietcombank (VCB), Vietinbank (CTG), Sacombank (STB), Military Bank (MBB), Eximbank (EIB), Saigon Securities Inc (SSI), PV Gas (GAS), PetroVietnam Drilling and Wells Service (PVD) and HCM City Infrastructure Investment (CII), as CII saw the strongest growth of 18.7 per cent in value over the week.
CII has recently remained the most active stock, with an average of over 12 million shares traded each session.
The information that the company's general director, Le Quoc Binh, registered to purchase 15 million CII shares, equivalent to 10.76 per cent of its charter capital through match ordering, boosted the shares, as CII price shot up from VND19,500 (US$0.90) per share to VND23,500 ($1.08) each.
Yet, overall market volume decreased slightly, compared with the previous session, averaging almost 126 million shares, worth over VND2 trillion ($92.2 million) per day.
Foreign investors' moves were in contrast to domestic trades, however, where they were net sellers in the HCM City's market in the last three sessions, but still concluded the week as net buyers with a small value of VND21.4 billion ($986,200) in shares.
Meanwhile, the foreign sector was more active on Ha Noi's exchange when picking up shares worth a combined VND98.2 billion ($4.5 million), four-and-a-half times their buy value in HCM City.
According to analysts at BIDV Securities Co, expectations for the supporting policy of the Government, including possible increases in foreign holding limits in listed companies, along with positive corporate earnings in the second quarter, are expected to continue to support the market rally.
"The VN-Index is likely to exceed the previous peak of 580 points. Investors can still buy and hold good, but undervalued stocks," these analysts said in a note.
On the Ha Noi Stock Exchange, the HNX-Index soared by a more substantial 4.16 per cent over the week, finishing Friday at 86.71 points.
Liquidity also dropped slightly here, but remained positive with an average of 58.4 million shares worth nearly VND712 billion ($32.8 million) traded each session. — VNS