Individual stock investor net purchase hit 4-month high

By Tat Dat September 18, 2023 | 03:29 am PT

Individual investor stock net purchase surged to VND5.08 trillion ($208.33 million) last week, the highest since mid-May, showing a recovery in investment confidence as the market rises.

They hoarded stocks in the banking, property, steel and securities sectors, according to data provider Fiintrade.

Their top purchase last week was HPG of steelmaker Hoa Phat Group at VND774 billion, followed by NVL of property developer Novaland Group with VND513 billion, and STB of Ho Chi Minh City-based lender Sacombank at VND398 billion.

Other stocks on the list included MWG of electronics retail chain Mobile World, DIG of Development Investment Construction, SHB of Saigon Hanoi Commercial Bank and FPT of IT giant FPT Corporation.

The rise in net purchases also pushed the average trading value of all stock markets to VND27.96 trillion last week, up 7.2% from the previous week.

In the last five weeks the average trading value has increased by over 17%.

Fiintrade, however, said that the rise in trading value did not coincide with an increase in Vietnam’s benchmark VN-Index, as investors sold their stocks as they reached the year’s peak.

Saigon Hanoi Securities forecasts that VN-Index would hover around 1,200-1,215 points this week, and it would take more time for the index to establish a strong foundation as it heads toward 1,300 points.