Vietnam&rsquos stock market is forming the medium-term upward tr after exceeding the short-term tr by rising for 14 consecutive sessions, the Tin Tuc newspaper reported.
A new cash flow is being poured into the market, helping it maintain the upward tr for such long time, the media said.
The last week session saw a surging demand of local investors, who bargain-hunted such blue-chips as Phu My Fertilizer (DPM), Sacombank (STB) and Saigon Securities Inc. (SSI), the newspaper cited International Royal Securities Co. (IRS) as saying.
A series of positive information about Vietnam&rsquos macroeconomic situations have been disclosed, such as high foreign currency reserve, inflation lowered, FDI surged and GDP growth maintained, which help ease pessimisms about future of the market.
In addition, two other investment channels, gold and dollar, cooling down, also propped up money flows to the stock market.
Nguyen Quang Tung, director of a South Korean investment fund in Vietnam, said his fund and some others considered the 400 point level is an ideal time for investment. Therefore, the market has such a strong purchasing power.
Nguyen Son, head of the Market Development Committee, under the State Securities Commission, said Vietnam has ed more than 430,000 accounts for individual investors and about 2,000 accounts for institutions as of June 30, 2008, increasing by 30 per cent and three times, respectively, from the ning of this year.
An analyst from IRS, Nguyen Khac Duan, said technical factors indicated that Vietnam&rsquos stock market index started to form a bullish tr for medium term, from three to six months.
The tr will be certainly confirmed in case the index maintains upward for two weeks more, he said.
Another IRS analyst said shares will continue to rise or stay flat because they have reasonable prices, which are equal or twice against book values now. (News)
Vietnamese
