Property shares prop up markets - Economy

Updated

March, 15 2013 09:35:00

Property shares prop up markets

Investors trace market fluctuations at Maybank KIM ENG stock trading floor in HCM City. Real estate stocks jumped yesterday following the State Bank of Viet Nam's announcement of a draft decree offering loans to low-income earners to buy houses. — VNA/VNS Photo Hoang Hai

HA NOI (VNS)- Real estate stocks jumped yesterday following the State Bank of Viet Nam's announcement of a draft decree offering loans to low-income earners to buy houses.

However, trading was still sluggish on both exchanges.

According to the decree, expected to come into force from April 15, low-income earners can apply for home loans at a preferential interest rate of just 6 per cent per year for a period of three years.

Around VND30 trillion (US$1.43 billion) will be provided in support for the programme, which will be disbursed until 2016.

Thu Duc Housing Development (TDH), An Duong Thao Dien JSC (HAR) and Binh Chanh Construction Investment hit their ceiling prices while Tan Tao Investment Industry (ITA), Licogi 16 (LCG), Hoang Quan Corp (HQC) and Kinh Bac City Development (KBC) all gained between 2.7-4 per cent.

However, Vietinbank (CTG) was the most active code yesterday on the HCM City exchange with trades of 5.2 million shares.

Analysts believe that after CTG was removed from the portfolios of FTSE Viet Nam exchange-traded funds, foreigners unloaded this share to refresh their portfolios for the second quarter.

CTG closed off 2.6 per cent at VND19,000 ($0.90) a share.

On the HCM City exchange, the benchmark VN-Index increased 0.3 per cent on late buying to finish yesterday's session at 474.60 points.

Trading value declined slightly from a day earlier, totalling VND726.4 billion ($34.6 million) on a volume of 46.7 million shares.

The VN30 tracking the top 30 shares on the southern bourse was also higher at 546.15 points.

Meanwhile, on the Ha Noi bourse, the HNX-Index climbed 0.62 per cent to 61.81 points with the trading value reaching VND313.6 billion ($14.9 million).

Two property shares, Sacomreal (SCR) and PetroVietnam Construction (PVX), led trades here with 7 million shares and 6.3 million shares changing hands, respectively.

SCR rose 2.4 per cent to VND8,500 a share while PVX edged up 3.5 per cent to VND5,900 each. — VNS

Send Us Your Comments:

Name:

Your E-mail address:

Title:

VietNamNews may edit your comments and not all emails will be published.

Hightlight

Income not the only measure of poverty

Viet Nam's poverty rate is estimated at around 10 per cent but the number of people who do not achieve social well-being is believed to be much higher. It's necessary to go beyond income when defining people's experiences.

Clouds cover VN weather forecasting

Viet Nam has so far only accomplished 30 per cent of the workload to modernise weather forecasting technology and upgrade monitoring systems.

Viet Nam private equity outlook bounces back

Investors viewing Viet Nam's investment environment favourably has increased over the last six months, according to a bi-annual survey on the nation's private equity outlook done by Grant Thornton Vietnam.

City taxi inspectors urged to crackdown on violations

Taxis operating in HCM City will be subject to greater scrutiny and punishment in the coming months, says Duong Hong Thanh, deputy director of the city's Transport Department.

Shares slide but outlook remains bright