Ha Noi (VNA) – Foreign investors sold more than 700,000 shares and investment fund certificates (IFCs) at the November 2 trading session, bringing the total number of shares and IFCs sold this week to almost 6.3 million, a record for the last four weeks.
According to statistics of the Ho Chi Minh City Stock Exchange (HoSE), foreign investors earned more than 1 trillion VND from selling stocks and IFCs over the past five days. Three weeks ago, they earned only half of that amount by selling between 3.4 to 4.9 million shares and IFCs.
They sold shares while the VN-Index continues its slight decline. The VN-Index at the HoSE dipped by 9.96 points to finish at 1,066.63 points by the end of the November 2 trading session. This is the third consecutive week the VN-Index stood below 1,100 points.
Foreign investors’ selling activity has resulted in the decline of the VN-Index, said Tran Quoc Trieu, Deputy Head of the Sai Gon Securities Company’s Foreign Brokerage Section.
Trinh Viet Cuong, senior advisor to Japan’s Okasan Securities Company, forecast that the market will continue to be readjusted to decline because of the initial public offerings of giant businesses and several commercial joint stock banks are to increase capital. As a result, foreign investors will continue to sell shares and they will buy shares when the VN-Index fall.-Enditem
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