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Investor confidence strengthens market   2009-06-01 - Viet Nam News

The VN-Index ended last week at 411.64, a cumulative advance of 1.75 per cent over the previous Friday, as trading volumes remained brisk and domestic investor confidence high.

In Ha Noi last week, the HASTC-Index increased by a total of 1.96 per cent to close on Friday at 144.13.

While there was significant profit-taking in the last two trading sessions, and foreign investors continued to be net sellers throughout the week, strong investor interest saved the HCM City Stock Market from taking a turn for the bearish, according to the Vincom Securities Co analysis department in its weekly report.

Market turnover remained respectable, at a daily average of VND1.6 trillion (US$89.9 million), on a daily average volume of 50.6 million shares, according to the FPT Securities Co data.

Automotive shares saw the strongest growth, up 15.15 per cent on the week, followed by shares in tourism and entertainment, and financial stocks.

Services shares were the week's biggest losers, dropping 8.13 per cent in value on average.

Foreign investors were net sellers of 8.7 million shares worth of over VND400 billion ($22.5 million), but it wasn't enough to destroy the mood of domestic investors.

FPT Securities analyst Tran Duy Ngoc wrote that many of these overseas investors were simply taking advantage of recent strong growth in the market to make a quick profit.

Vincom Securities analysts, meanwhile, noted that overseas clients began accumulating banking shares on Friday.

"This activity could help restrain the fall of the VN-Index under the pressure of profit-taking next week," they said.

"I could say that confidence in securities investments remains with the supportive news from the domestic economy," commented Pham Quoc Thien, an analyst with a HCM City-based securities company." But investors seem to prefer constant profit as they haven't been absolutely sure about the economic recovery with the situation in the US still complicated."

Ngoc agreed, saying that investors were watching for a clearer market trend, based on the growing potential of some listed stocks and what happens next with the US economy.

"At present, investment capital is being directed to blue chips," said Ngoc. "This could be a stimulus for transactions next week."

Ngoc predicted the VN-Index would continue to stagnate at around 390 to 420 points and suggested that investors continue to keep most of their investment portfolio in cash.

Kim Long Securities Co, in its weekly report, said that 400 was resistance level for the VN-Index this week. "If there's no negative news next week, the VN-Index could rebound at this mark."

In Ha Noi last week, the HASTC-Index increased by a total of 1.96 per cent to close on Friday at 144.13. Daily trading value averaged VND835.4 billion ($46.9 million) on a daily average volume of 29.3 million shares.

Asia Commercial Bank (ACB) was the most heavily-traded share on the week, with a total of 17.4 million traded, accounting for 11.9 per cent of combined market volume.

Ngoc predicted that the HASTC-Index would range between 136 and 150 points this week.



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