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VietNamNews

Real estate buoys trading floor

Update: March, 12/2013 - 09:34

HA NOI (VNS)-The market opened yesterday with what appeared to be caution among investors, but strong rises in real estate shares in the afternoon session helped buoy trading on both stock exchanges, indices closing in the green.

Eighty-seven of more than 700 codes on the two exchanges hit their ceilings, of which 19 were property developers.

"The rebound of real estate companies on the back of strong slumps in previous days boosted local investor sentiment," analysts of FPT Securities Co said in a report yesterday.

The domestic market was also buoyed by continued gains on global markets, led by the US performances, they said.

The VN-Index on the HCM City Stock Exchange jumped 1.24 per cent at a close of 476.5 points while the VN30 tracking the top 30 shares on the bourse was also up 1.89 per cent at 550.22 points.

Twenty four of the top 30 shares advanced, many of which posted strong gains of 3-6 per cent. Only insurer Bao Viet Holdings (BVH) and Vietcombank (VCB) decreased slightly while the other four closed flat.

Trading was busy with both trading volume and value rising around 80 per cent over Friday's levels, totaling 56.6 million shares and fund certificates, worth VND871.4 billion (US$41.5 million).

Construction Licogi 16 Co (LCG) took over the position of Tan Tao Investment Industry (ITA) as the most active code with 4 million shares changing hands by the end of the session. LCG ended 6.6 per cent higher at VND8,100 a share.

On the Ha Noi Stock Exchange, the HNX-Index also gained 1.72 per cent to finish yesterday's session at 62.05 points with the total trading value of nearly VND518.2 billion ($24.7 million).

Real estate shares on the northern bourse also gained, with shares of PetroVietnam Construction (PVX), Vinaconex (VCG), Sacomreal (SCR) and PetroVietnam Real Estate Co (VPL) hitting their ceiling prices.

However, Sai Gon-Ha Noi Bank (SHB) continued to be the most active code on trades of nearly 12 million shares, advancing 4.4 per cent to VND7,200 a share. — VNS




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