Property stocks push shares up
Property stocks push shares up
Shares recovered solidly after falling sharply in the morning session on Friday as cash poured into the real estate sector.
The benchmark VN-Index on the HCM Stock Exchange (HOSE) gained 0.49 per cent to settle at 1,121.21 points. It had dropped 0.51 per cent to close at 1,115.79 points on Thursday.
Meanwhile, the HNX Index on the Ha Noi Stock Exchange (HNX) inched up 0.91 points to end at 128.25 points. The index was down 0.74 per cent to end at 127.10 points on Thursday.
More than 265.1 million shares were traded on the two local exchanges, worth VND7.6 trillion (US$335.7 million).
Market trading conditions were positive, with 251 gaining stocks against 205 decliners, while 270 other stocks remained unchanged.
However, only 12 of the 30 largest shares by market capitalisation advanced in the VN30 Index.
The VN30 Index was up 0.10 per cent to 1.106,92 points, with more than 78 million shares exchanged, worth VND3.6 trillion.
The UPCOM Index on the Unlisted Public Company Market (UPCoM) gained slightly 0.58 per cent to finish at 60.17 points. The index was down 0.74 per cent to end at 127.10 points on Thursday.
Financial-banking and real estate stocks were the best-performing among the 20 sectors in the stock market, with the banking and real estate indices advancing 0.26 per cent and 1.21 per cent, respectively, according to vietstock.vn.
Money flow focused on real estate stocks and construction firms. Dat Xanh Real Estate Service & Construction Corporation (DXG), Development Investment Construction JSC (DIG), Sai Gon Thuong Tin Real Estate JSC (SCR) and LDG Investment Joint Stock Company (LDG) all increased at least 5 per cent, leading the market recovery.
In addition, a number of blue chip stocks and petroleum stocks also supported the uptrend of the index, including PetroVietnam Technical Services Corporation (PVS), advancing 3.31 per cent, Drilling Mud Joint Stock Corporation (PVC), gaining 2.11 per cent and PetroVietnam Drilling & Well Services Corporation (PVD), up 0.91 per cent.
Banking stocks have corrected from their recent peak but showed some signs of recovery in the session.
Foreign investors today were net sellers of VND127.37 billion worth of shares in VIC (VND53.6 billion), VCB (VND27.2 billion) and KBC (VND25.8 billion). In addition, they bought a net of VND7.2 billion on the HNX.
According to BIDV Securities JSC (BSC), the market is still in the short-term accumulation phase and there is no clear trend.
“In addition, the FTSE will release their portfolio today which may affect the market in the next trading session,” BSC said in its daily report.
