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Shares continues to rise, led by steel and property stocks

Update: December, 03/2020 - 18:38

 

 

A production line at Hòa Phát Steel Sheet Co. Steel giant Hòa Phát Group (HPG) leapt 4.4 per cent to VNĐ36,850 (US$1.59) per share yesterday. VNA/VNS Photo Phạm Kiên

HÀ NỘI — The stock market repeated what happened on Wednesday as shares grew more strongly in the afternoon session, led by strong money flows in the steel and property sectors.

On the Hồ Chí Minh Stock Exchange, the VN-Index increased another 0.54 per cent to close Thursday’s session at 1,019.80 points.

The market breadth was positive with 266 stocks rising, 145 declining and 109 closing unchanged.

Towards the end of the session, stocks in the steel and real estate sectors accelerated and lifted the market.

Steel giant Hòa Phát Group (HPG) leapt 4.4 per cent, the highest among the top 30 shares by market value and liquidity (VN30), to VNĐ36,850 (US$1.59) per share.

Pomina Steel (POM) rose 4.3 per cent. This share hit the ceiling price of 7-per-cent growth in the last eight sessions.

In the realty sector, Development Investment Construction Corp (DIG), Sông Đà Urban & Industrial Zone Investment & Development (SJS), Tân Tạo Investment & Industry (ITA), Sao Mai Group (ASM), Saigon Real Estate (SGR) all hit the ceiling prices.

Many blue chips also recovered in the afternoon, with 15 of the VN30 basket gaining value and 11 declining.

Among gainers, VPBank (VPB), Sacombank (STB), Saigon Securities Inc (SSI), FLC Faros Construction (ROS), PV Power (POW) rose by more than 1 per cent, of which the latter rose by the highest 5.6 per cent.

Liquidity decreased with 519 million shares worth VNĐ9.8 trillion ($426.7 million) being traded, down 24 per cent in volume and 30 per cent in value compared to Wednesday’s figures.

“The lasting uptrend is approaching the resistance level of 1,025 points. Investment cash flow maintained the trend to spread into the market with 16 out of 19 industry sectors gaining points,” analysts at BIDV Securities Co wrote in its daily report.

However, as the VN-Index is about to approach the threshold of 1,025 points, investors may consider short-term profit-taking actions on stocks that had a large upside during the recent rally, they said.

On the Hà Nội Stock Exchange, the HNX-Index edged up 0.79 per cent to close the trade at 151.99 points with 60.4 million shares worth VNĐ913 billion being exchanged.

Foreign investors were net buyers on the HCM City’s bourse for a net value of VNĐ448 billion. Meanwhile, they were net sellers on the Hà Nội’s exchange for nearly VNĐ10 billion. — VNS

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