Last week, according to statistics on the HOSE floor, foreign investors, also known as foreign investors, net bought 4 sessions and only net sold 1 session on January 25. In total, this group net bought 56.77 million units, with a total net buying value of VND 895.78 billion.
VCG shares were unexpectedly the most net bought by foreign investors with a volume of 12.64 million units, equivalent to a total net purchase value of VND322 billion. On the contrary, VNM shares were the most net sold with a value of VND177 billion, equivalent to a net sale volume of 3.33 million units.
On the HNX, foreign investors were net sellers for 2 sessions and net buyers for 3 sessions. In total, this group net sold 2.37 million units during the week, while last week they net bought 785,000 units; the total value was still net selling 15.34 billion VND.
On the UPCoM market, foreign investors net sold for only one session also on January 25 and net bought for 4 sessions. In total, foreign investors net bought 10.24 million units, with a corresponding net buying value of VND151.72 billion.
Market observations show that in the early stages of 2024, foreign investors have started to net buy again, after net selling about 1 billion USD in 2023. Many experts commented that in the context of the global economy having many uncertainties at the end of 2023, the capital investment portfolios of foreign investors are somewhat more cautious in frontier and emerging markets. Therefore, the withdrawal of capital from the Vietnamese market at the end of 2023 does not stem from foreign investors' negative views on the domestic economy .
According to Dr. Nguyen Duy Phuong, Investment Director of DG Capital, in 2024, the market will still have unfavorable factors, however, he still maintains an optimistic view of the market outlook and expects strong capital flows into the Vietnamese stock market (including ETFs) from foreign investors.
As the Fed begins to loosen monetary policy, the strength of the US dollar may decline, creating conditions for emerging markets like Vietnam to attract foreign capital. In addition, the rapid increase in capitalization of the Vietnamese market in recent years and the prospect of corporate profit growth in 2024 will help the P/E valuation of the VN-Index become more attractive compared to the general level of countries in the region. Not to mention, the Vietnamese market is facing the opportunity to be listed for upgrade by rating organizations such as FTSE and MSCI in the next few years, which will be an important factor in attracting foreign capital.
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