Picking stocks for sustainable gains as liquidity falls
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VNIndex ended the month of August with an optimistic gain of 3.2% m-o-m and HNIndex 1.0% m-o-m. That, however, did not reflect the gains of the market majority as larger tickers the like of VNM and VCB took turn to support the market index. Enthusiasm ran low among local investors while foreigners sold a net VND1,587bn in both exchanges; liquidity faltered as volume dropped 19% m-o-m and trading value 14% m-o-m. As investors cranked down trading and looked at each other for hints of a rally starting, VNIndex marched lifelessly towards 680.
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