Investment Strategy Report 08/2016: Waiting to buy at lower prices
​“Waiting to buy at lower pricesâ€
“Reaching its five-year high in the first week of July, VNIndex failed to keep the gains as liquidity soon withdrew and the rising trend reversed. The incident of TTF-DRH was more of a catalyst than causation for the fall of stocks on the Hochiminh and Hanoi exchanges. As the market marched towards the end of the months, divergence among stocks became more apparent. Construction and Building materials stocks such as HPG, HSG, CTD, etc. and those with upbeat 1H results continued to outperform while major Oil&Gas stocks like GAS, PVD and PVS extended the losses. Trading volume in July expanded 3.5% from June yet liquidity in the later half of the month contracted 14.7% as compared to the first half. As local investors smelled fears, foreigners bought a net VND1,280 bn (USD57 mn) in July, the highest level since the beginning of 2016.
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