The stock market recorded a strong increase thanks to the pulling force from the Vingroup group of stocks. At the end of the session on April 28, VN-Index increased by 22.55 points, to 1,875 points. Liquidity continued to linger at a low level with the trading value on the HOSE floor reaching about 19,000 billion VND.
Foreign investors continued to maintain net selling momentum with a value of about 547 billion VND. On the HOSE exchange, foreign investors net sold 529 billion VND. On the buying side, VRE shares were bought the most by foreign investors on HOSE with a value of more than 157 billion VND. Following, NVL and VIC are the next codes to be strongly accumulated with values of 119 and 88 billion VND.
Conversely, FPT continued to be sold the most by foreign investors with VND 285 billion. Following, VHM and SHB stocks were also "discharged" VND 169 billion and VND 81 billion.
Although the general market trade is positive, helping VN-Index return to the old peak, foreign investors continue to be a minus point.In the past week alone, foreign investors net sold more than 4,800 billion VND, with the focus being large codes, especially the banking sector.
Mr. Vu Duy Khanh - Analysis Director, Smart Invest Securities Company (AAS) - said that tensions in the Middle East and the sudden rise of world oil prices are not only local risks but also bring a domino effect to the Vietnamese market.This affects investor sentiment and foreign capital flows.Geopolitical risks often trigger the "Risk-off" status globally.
Foreign capital is therefore tending to withdraw from frontier/emerging markets (such as Vietnam) to return to safe haven assets (USD, gold).This may prolong the net selling momentum of foreign investors, creating no small psychological pressure on domestic individual investors.
Commenting on the reason why foreign investors are still diligently net selling recently despite the very bright upgrading prospects, Mr. Nguyen Duy Anh - Director of Investment Portfolio Management of VCBF - stated his opinion that upgrading does not mean that cash flow will enter immediately.With passive capital flow, only when officially put into the index basket, ETF funds allocate capital according to proportion, and this process takes place gradually.For active capital flow, being ahead of schedule from the time the upgrading story stops at the expected level may be the reason why some funds are taking profits.Conversely, funds that have not previously invested will need time to study the market, usually taking 6 months to 1 year before disbursement.
Financial analyst Dr. Nguyen Duy Phuong - Investment Director of DG Capital - said that, in the face of uncertain variables from the international environment, this is a key time for us to shift our attention to the internal factors of the Vietnamese economy.Although the reality is that pressure from exchange rates, system liquidity and inflation are creating significant challenges for the macroeconomic environment, it is in this context that new steps in monetary policy management will play a role as a psychological "anchor", helping to strengthen investor confidence in the short term.
