Foreign Investors Blamed for Stock Fever
The main culprits in the recent securities fever on the local stock exchange are foreign investors pouring large amounts of money into market, Vietnam Television quoted some experts as saying.
The experts said foreign traders cashed some VND1,178 billion ($73.63 million) in buying Vietnamese shares in recent sessions while they sold only VND375 billion worth of shares.
It is strong foreign buying that makes domestic players anxious to buy shares, pushing prices up sharply, the experts said.
Investors hustled at securities trading floors to place buy orders of about ten thousand shares per person, instead of some hundreds of shares as before.
Worrying about possible risks, many local commercial banks have to cut stock collateral loans.
After rising 163 per cent since the beginning of this year to record high of 809.86 points on December 20, VN-Index dropped sharply to 788.88 points yesterday. The downtrend is forecast to last the next few days. (BSC Dec 22, Vietnam Panorama)
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