VN-Index gains on property stocks

Update: February, 19/2019 - 21:05
Vinhomes Gardenia in Hà Nội. The company was the biggest gainer with share price rising 6.1 per cent on Tuesday. — Photo
Viet Nam News

HÀ NỘI – Việt Nam’s benchmark VN-Index advanced on Tuesday thanks to strong growth of large-cap stocks such as Vingroup (VIC) and its property arm Vinhomes (VHM).

The VN-Index edged up 0.32 per cent to close trade at 964.35 points. It increased over 1 per cent on Monday.

However, 190 of total 380 stocks on the Hồ Chí Minh Stock Exchange lost value and only 97 stocks advanced. Many of the largest capitalised stocks also slumped, including Vietcombank (VCB), PV Gas (GAS), Bank for Investment and Development of Việt Nam (BID), Petrolimex (PLX), Vietinbank (CTG) and PetroVietnam Power Corp (POW) with losses of between 1 per cent and 3 per cent.

On the other end of spectrum, Vingroup and Vinhomes, two of the 10 biggest stocks by market value and liquidity on the southern bourse, climbed 2 per cent and 6.1 per cent, respectively.

VIC closed Tuesday at VNĐ116,000 (US$4.98) per share while VHM ended at VNĐ87,000 ($3.73) each.

Liquidity also jumped about 30 per cent, reaching more than VNĐ5.4 trillion ($231.8 million), the highest level since December 25, 2018.

“The VN-Index is still able to maintain its uptrend despite certain fluctuations. High liquidity signaled profit-taking pressure, but the market absorbed the demand quite well today,” Vũ Dương, a stock analyst at Viet Dragon Securities Co, wrote in a daily report.

The VN-Index has gained nearly 6 per cent this month and more than 8 per cent this year.

Foreign investors resumed net buying on Tuesday with total net buy value of VNĐ217 billion, focusing on shares of private equity firm Masan Group (MSN), Hòa Phát Group (HPG) and Eximbank (EIB).

On the other hand, they offloaded Vietjet shares (VJC), Hồ Chí Minh Development Bank (HDB) and DHG Pharmaceuticals (DHG).

On the Hà Nội Stock Exchange, the HNX-Index decreased 0.59 per cent to close at 106.21 points.

The northern market index increased 3.3 per cent this month and nearly 2 per cent this year.

Liquidity also increased slightly with more than 38 million shares worth VNĐ529 billion changing hands.

According to BIDV Securities Co, market sentiment is positive with liquidity increasing. However, investors are advised to continue to monitor the world and regional economic situation, especially the trade negotiations between the United States and China this week. – VNS