Cash windfall spurs record trades
Cash windfall spurs record trades
A significant amount of capital was injected into the stock market last week as investor confidence improved, boosting liquidity on both the bourses to a record high.
At the HCM City Exchange, the average trading value topped at VND2.3 trillion (US$109.5 million) with the average share volume of 140 million shares.
Liquidity on the Ha Noi Exchange also set a new record with an average of more than 85 million shares changing hands, involving a total value of VND126 billion ($60 million).
The trading volume was 31.42 per cent and 48.6 per cent higher on HCM City Exchange and Ha Noi Exchange, respectively, over last week's figures.
All stocks, including both blue chips and speculative stocks, posted good growth last week.
The cash flow had returned to the blue chips last week, and was a major factor in supporting the benchmark indices' gains.
Blue chips such as PetroVietnam Gas Corporation (GAS), real estate giants (VIC), Vietcombank (VCB), Hoang Anh Gia Lai (HAG) and Masan Group (MSN) gained over the week, mainly thank to buying by foreign investors.
Foreign investors closed the week as net buyers with a total net value of VND572.5 billion ($27.26 million).
The activeness of speculative stocks helped maintain investor confidence during Tuesday's trading session when shares suddenly reversed trend to lose during the last few minutes of the afternoon trading as selling pressure soared.
Speculative cash targeted stocks of real estate, construction and securities sectors last week.
The benchmark indices posted gains on all sessions, except Tuesday when investors boosted share sales, which created a "bear trap" situation.
Some experts said that it would be leave those investors in dismay who sold on Tuesday when the market regained an upward trend during the next trading session.
The selling pressure also intensified on Friday. However, a significant cash flow helped the benchmark indices to avoid losses.
FPT Securities was confident that the positive trend would continue due to significant cash flow and net buying from foreign investors.
According to Bao Viet Securities, the promising increase in foreign stakes in listed companies and business prospects would lead the market. The company said that the benchmark indices could reach a new high this week.
The VN-Index would fluctuate within the 575-580 band this week to approach 600 point mark, said Maritime Bank Securities, adding that profit-taking pressure might occur on the two first trading days of the week.
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