Continuous foreign buying last week helped cushion the market fall on both the nation’s exchanges.

On the Ho Chi Minh Stock Exchange, the VN-Index lost a cumulative 2.38 percent over the week, closing at 529.49 points on May 16, while the HNX-Index on the Hanoi Stock Exchange decreased 2.53 percent during the period, ending the day at 72.31 points.

Pessimistic market outlook prompted many investors to offload shares while securities companies also sold shares pledged as collateral to curtail losses.

Large-cap stocks bore the maximum brunt as most blue chips on both the exchanges plummeted. They were PV Gas (GAS), Vinamilk (VNM), Bao Viet Holdings (BVH), VinGroup (VIC), Vietcombank (VCB) and BIDV Bank (BID) on the Ho Chi Minh City market; Sai Gon-Ha Noi Bank (SHB), Kim Long Securities (KLS), PetroVietnam Construction (PVX), Vinaconex (VCG) and Asia Commercial Bank (ACB) on the Hanoi bourse.

However, low share prices also attracted plentiful bargains, which pushed the trading volumes up on both the exchanges.

The daily trading volume on the Ho Chi Minh City Exchange rose 7.6 percent as compared to the previous week, reaching 104.5 million shares worth over 1.55 trillion VND (73.5 million USD), while the volume on the Hanoi market also increased 8.8 percent, averaging 61.6 million shares, worth 503.5 million VND (23.9 million USD).

Foreign investors bought a net value of 1.133 trillion VND (53.7 million USD) worth of shares on the Ho Chi Minh City Exchange during the week, focusing on blue chips, such as Hoang Anh Gia Lai Group (HAG), PetroVietnam Drilling and Well Services (PVD), and Hoa Phat Group (HPG).

Foreign investors were also net buyers on the Hanoi bourse, picking up shares worth a combined total of 215.1 billion VND (10.2 million USD).-VNA