Aside from petroleum tickers, investors may rush to acquire banking and real estate stocks this week as their prices tumbled in previous sessions, securities firms predicted.
Nguyen Vu Phong, deputy director of SEABANK Securities Company, was quoted by Dau tu Chung khoan newspaper as saying that shares of the realty and banking sectors made milder increases than other groups during the market’s uptrend before the Lunar New Year (Tet) holiday.
However, they performed better than other stocks despite a steep decline of the market last week.
On the other hand, the domestic real estate sector is expected to grow this year while many banks are preparing for merger deals in the coming time. Therefore, the banking and real estate groups would be attractive to stock traders this week, Phong expected.
With five sessions falling last week, the VN-Index shed nearly 20 points, or around 4%, against the week earlier to end at 551.42 while the HNX-Index also tumbled 3.21% at 82.4.
Liquidity contracted as matching volume on the Hochiminh Stock Exchange shrank 15.7% at around 422.7 million shares and 10% on the Hanoi market at 182.1 million shares.
Large-caps namely VIC, MSN, VCB and VNM dragged the market down while blue-chip GAS plunged to the floor prices several times last week. According to Viet Dragon Securities Company (VDSC), portfolio rebalancing by exchange traded funds (ETFs) and foreign selling also fueled the market’s downtrend.
Foreigners net sold a hefty VND613 billion worth of shares on the southern bourse, mainly PVD, GAS and MSN, while picking DXG and BID worth VND64.4 billion and VND35.6 billion respectively.
Excluding the net selling value during the week, foreign investors had net bought just VND226.7 billion worth of shares this year, said VDSC.
The Hanoi Stock Exchange reported foreign net selling of VND97.6 billion with PVS, VCG and TIG being sold mainly.
Cash flowed into HAI, FLC, HAG and ITA of the construction and realty sectors but they rarely closed in the green. The securities and mining groups also turned volatile although they attracted much speculative money.
Banking and petroleum stocks bounced back at the last session of the week but could not support the indexes. The positive sign for the market now is that bottom fishers have actively acquired shares at low prices in recent sessions.
Source: thesaigontimes
Key words: Banking, realty stock, forecast, attract investors
