Monday, August 21 2017

VietNamNews

Real estate props up market

Update: May, 28/2014 - 08:27

HA NOI (VNS) — Money continued to flow into real estate stocks yesterday, extending rallies on both securities exchanges.

On the HCM City Stock Exchange, the VN-Index climbed 1.6 per cent to close yesterday's session at 552.75 points, with gainers outnumbering losers by 194-46.

Blue chips also gained as 28 of the top 30 shares by market value and liquidity increased, lifting the VN30 up 1.62 per cent at 605.87 points.

Real estate stocks were the biggest gainers yesterday, with four real estate companies among the five most active stocks.

They included FLC Group (FLC), Hoang Quan Consulting Trading Service Real Estate Corp (HQC), Tan Tao Investment Industry Corp (ITA) and Becamex Infrastructure Development Co (IJC).

FLC was the most active stock with more than 11 million shares being exchanged, surging 1.8 per cent to end at VND11,300 a share.

The others above-mentioned also saw between 4.5 million and 8.8 million shares each being traded. All these shares gained between 1.8 per cent and 6.5 per cent in value.

Overall, market trading was active, with market volume up 50 per cent over the previous session, totaling more than 127 million shares, while trading value also increased 40 per cent, reaching VND1.74 billion (US$82.5 million).

According to FPT Securities Co's analysts, investors rushed to collect local shares after local media reported China unexpectedly relocated its oil rig anchored in Viet Nam's exclusive economic zone and continental shelf.

Bargain-hunting soared as risk eased, pushing up liquidity on both exchanges yesterday, they wrote in a note.

On the Ha Noi Stock Exchange, the HNX-Index also rose 2.63 per cent to close at 76.85 points, while the HNX30 was up 4.37 per cent to stand at 155.08 points.

The market volume more than doubled Monday's session, totaling 93.3 million shares, and trading value rose 250 per cent to reach VND860.4 billion ($40.8 million).

Property shares were also the dominant codes on the northern bourse, led by PetroVietnam Construction Corp (PVX) and Sacomreal (SCR) with more than 11 million shares of each stock being traded.

PVX jumped 8 per cent to end at VND5,400 per share, while SCR grew 7.23 per cent to settle at VND8,900 per share.

Foreign investors concluded yesterday as net buyers on both markets but their net buy values were modest at nearly VND55 billion ($2.6 million) worth of shares. — VNS



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