Foreign investors continued to purchase shares on the country's bourses unabated despite a declining VN-Index, that sank to a seven-month low on August 3.
The Ho Chi Minh City exchange closed on August 3 with foreigners buying almost 950,000 shares at a cost of 124 billion VND while selling off just 346,210 shares for close to 37.8 billion VND.
The trend has been particularly evident over the last three sessions, on August 1 investors from abroad purchased 216 billion VND in stocks while selling off units for a combined total of 101 billion VND. The following day, on August 2, 154 billion VND in shares were snapped up.
The Ha Noi bourse saw 27 billion VND going out of foreigners’ pockets while just 4.7 billion VND returned to their coffers on August 3.
Shares of national giants were the biggest movers as the Viet Nam Milk Company (VNM) led in sales output followed by the Tan Tien Plastic Bag Company, the Pha Lai Thermo-Electricity Company and the Petroleum Drilling and Service Company.
Deputy Director of the Vietcombank Joint Stock Company Mai Trung Dung attributed the interest to the great opportunities that these giants may bring in for foreign investors to explore the purchasing power of the 84 million-plus market.
Underscoring the trend, the State Securities Commission reported that foreign investors now hold up to 30 percent of all of the country's listed shares.
Bui Trong Nghia, a financial expert from the Asia Development Bank, said the trend reflects foreign investors’ confidence in the Vietnamese stock market as well as the bright potential of the Vietnamese economy.
Source: VNE
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