Shares are forecast to continue their uptrend but the short-term selling pressure is increasing after seven weeks of gaining.

Vietnamese stocks snapped a three-day winning streak on Friday, facing strong selling from investors, as they seek profits from firms that made significant gains during the last sessions.

The market was riding high yesterday as plastics product manufacturers did the heavy lifting.

The Vietnam Stock Exchange reaped a net profit of more than VND1.215 trillion (US$51.7 million) in the first six months of 2022, while its profit margin reached nearly 96 percent.

Recent investigations, the tightening of capital market regulations by the government, and global economic uncertainty have led to a significant correction in Vietnam’s stock market. However, Maybank Investment Bank contends that the robust fundamentals underpinning Vietnam’s capital markets and its economy remain intact.

Shares gained for the second day on Wednesday, propelled by buoyant banking and food stocks.

Foreign investors net purchased 14.8 million stocks worth some VND80 billion (US$3.4 million) from August 8 to 12, demonstrating the continued attraction of the Vietnamese securities market.