Vietnam's Stock Market Reaches Scale for Global Funds
Vietnam’s stock market has hit the scale for large global funds in terms of liquidity as its trading value reached more than a hundred million a day, Thanh Nien newspaper quoted HSBC as saying.
“The total transaction values of Ho Chi Minh City Stock Exchange and Hanoi Securities Trading Center soared up significantly in the past few months to more than US$100 million,” Garry Evans of HSBC said.
“This is similar to the turnover in the Philippines,” meaning that Vietnam has moved onto the scale for large global funds.
“The Vietnamese market is starting to come onto the radar of the top-tier international investment institutions at last,” HSBC said.
The market’s scale was boosted by strong foreign buying.
Vietnam has seen the biggest-ever month of foreign purchases in October with total foreign net inflows into the stock market surpassing US$150 million, just behind January when foreign investors bought US$345 million in the wake of the country’s joining the WTO.
However, the local stock market stayed flat in October after having risen 16 per cent between the beginning of September and October 2 and reached the 1.100-point level, HSBC said. (Young People, HSBC)
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