Saturday, October 1 2016

VietNamNews

Property companies extend VN market gains

Update: May, 31/2016 - 09:42
The benchmark VN Index on the HCM Stock Exchange rose 1.1 per cent to finish at 614.50 points, totaling a two-day gain of 1.7 per cent. — Photo Gia Vi

Viet Nam News HÀ NỘI — Vietnamese shares yesterday extended gains from Friday on both local markets as listed real-estate firms reacted positively to the latest circular issued by Việt Nam’s central bank.

The benchmark VN Index on the HCM Stock Exchange rose 1.1 per cent to finish at 614.50 points, totaling a two-day gain of 1.7 per cent.

The HNX Index on the Hà Nội Stock Exchange inched up 0.2 per cent to close at 81.53 points, up 0.6 per cent for a second day.

“Listed real estate firms responded positively to the circular issued by the central bank on Friday, which aims to tighten banks’ lending policy to the property sector,” Bảo Việt Securities Corp (BVSC) wrote in its daily report.

The latest circular is “less fierce than expected” as it will not post significant impact on the property sector and affect the recovery of the economy, BVSC said.

Among property developers, Vingroup JSC (VIC) jumped 3.9 per cent, FLC Group (FLC) added 1.6 per cent, Tân Tạo Investment Industrial JSC (ITA) gained 2.3 per cent, and Sài Gòn Thương Tín Real Estate JSC (SCR) was up 1.1 per cent.

The improvement of the property firms also helped lift steel producers such as Hòa Phát Group (HPG), Tiến Lên Steel Group JSC (TLH) and Việt Nam-Germany Steel Pipe JSC (VGS). These stocks advanced 1.5 per cent, 2.6 per cent and 4.7 per cent, respectively.

Additionally, banks also benefited from the latest circular. All three largest banks on the markets – Vietcombank (VCB), Vietinbank (CTG) and the Bank for Investment and Development of Việt Nam (BID) – increased.

VCB jumped 3.3 per cent, while CTG and BID increased by 1.1 per cent and 1.7 per cent, respectively.

Financial service providers, including Sài Gòn Securities Inc (SSI), HCM City Securities Corp (HCM), VNDirect Securities Corp (VND) and FIT Investment JSC (FIT), also helped boost the two local exchanges.

SSI and HCM jumped 3.9 per cent and 3.6 per cent, respectively, VND was up 2.6 per cent and FIT gained 1.1 per cent.

Other blue chips also made gains such as PetroVietnam Gas Corp (GAS), insurer Bảo Việt Holdings (BVH), and Đà Nẵng Rubber JSC (DRC). These stocks moved up between 0.9 per cent and 1.6 per cent.

Both exchanges traded more than 162.8 million shares worth VNĐ2.45 trillion (US$108.9 million), an increase of 6.8 per cent from Friday’s trading value. — VNS

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