The stock market still proves to be quite attractive in the context of redundant liquidity and other investment channels having not fully recovered. It is unlikely that Vietnam’s stock benchmark VN-Index would return to its March bottom with a 25% slump, given that investors now have sense of Covid-19 impacts instead of the panic sentiment in the first outbreak, according to Viet Dragon Securities Company (VDSC). The VN-Index hit its lowest level since December 2016 on March 24 at around 660 points. Since recovering and peaking at 900 in mid-June, the index has continuously corrected and currently trades at 800 points. VDSC said the market correction is entirely reasonable when macroeconomic data showed the economy did not recover as quickly as had been expected. Besides, the Covid-19 resurgence in Danang and other localities made the fast recovery unlikely. Foreign investors’ net selling pressure not too strong One of the reasons for the sharp decline of the market in March was the continuous net selling from foreigners via matching orders. The net selling value reached a record high in March. Even when the market rebounded strongly in April, foreigners’ net selling value was still high. However, VDSC expected this is not… Read full this story
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