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VietNamNews

Shares rise, led by property firms

Update: November, 21/2015 - 09:49
Investors at stock trading floor of BIDV Securities. — VNS Photo Truong Vi
HA NOI  (VNS) — Vietnamese shares gained slightly yesterday as investors bet property companies will benefit from a stronger real estate markets over the coming months.

The VN Index on the HCM Stock Exchange and the HNX Index on the Ha Noi Stock Exchange inched up 0.4 per cent each to finish at 604.46 points and 81.59 points, respectively.

The property developers index yesterday rose 1.3 per cent with 32 advancing stocks against nine decliners in this industry.

Among gainers, Tan Tao Investment Industrial JSC (ITA) surged 6.5 per cent, Nam Long Investment Corporation (NLG) jumped 3.7 per cent and Phat Dat Real Estate Development JSC (PDR) gained 2.8 per cent.

The biggest property developer Vingroup JSC (VIC) inched up 0.7 per cent after the company opened its fifth shopping mall and apartment complex in Ha Noi yesterday.

Meanwhile, another property giant - FLC Group (FLC) - remained the most active stock for a third day with more than 13.6 million shares traded and ended flat as the company did not make report on the results of its new project in Ha Noi.

"Investments have started to flow into property stocks", said Nguyen Xuan Binh, Deputy Head of Bao Viet Securities Corporation's Market Analysis.

Property stocks became more attractive to investors than some large-cap firms, such as Vinamilk (VNM), after they recently made big gains, he said.

In addition, the real-estate market was expected to recover in the next few months, allowing property firms to sell more products and services and increase their earnings, Binh said.

The national stock market also received support from other big stocks such as Hoang Anh Gia Lai Agricultural JSC (HNG) and PetroVietnam Gas Corporation (GAS).

HNG inched up 0.3 per cent after the company on Thursday reported a quarterly net profit of VND383 billion (US$17 million), an increase of 123 per cent from a year ago.

GAS inched up 0.2 per cent after the company yesterday announced it would sell its entire stake in the Southeast Asia Commercial Joint Stock Bank (SeABank) in the fourth quarter.

Both local markets traded nearly 191 million shares, worth VND2.66 trillion ($118.3 million), an increase of 9.1 per cent. — VNS

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