New stimulus plan buoys stock market
New stimulus plan buoys stock market
While the stock market in general reacted positively to a new VND30 trillion (US$1.4 billion) real estate support package, shares of companies in the sector saw little change.
The package was designed to go to social housing and low-cost projects, not listed property developers.
In a circular released yesterday to go into effect next month, the State Bank of Viet Nam established that loans for social housing purchases would be made with this year's interest rate of six per cent.
As a consequence, shares of PetroVietnam Construction (PVX), Hoang Quan (HQC), Licogi 16 (LCG) and Dic Corp (DIG) increased only slightly.
Shares on the HCM City Stock Exchange managed to rally, with the benchmark VN-Index gaining 0.44 per cent to close at 485.97 points.
Trading value and volume eased around 14 per cent compared to the previous day's session, reaching VND661.4 billion ($31.4 million) and 37.5 million shares.
The VN30, representing the southern city's top shares, added 0.65 per cent to close at 551.81 points. Over two-thirds of these blue chips closed in the green, especially rubber company Casumina (CSM), Phu My Fertiliser (DPM) and steelmaker Hoa Phat (HPG), which posted the highest increases of 2.3-4.1 per cent.
PetroVietnam Gas (GAS) added nearly one per cent yesterday after the MSCI Vietnam Investable Market Index announced it had replaced the stock for Vietinbank (CTG) in the top 10 constituents.
The two leading shares were property developer Vingroup (VIC) with 16.33 per cent and Masan Group (MSN) with 11.6 per cent in the index's portfolio.
Yesterday, Fecon Mining (FCM) had a bleak debut on the HCM City Stock Exchange, plunging to the floor price of VND19,200 ($0.9).
However, the company pledged to shareholders that they would enjoy 20 per cent dividends this year, up from 10 per cent last year.
Meanwhile, the HNX-Index on the Ha Noi Stock Exchange advanced by more than one per cent, fetching 60.50 points as gainers outnumbered losers by 115-69.
Trading, however, was sluggish with nearly 24 million shares worth just VND184.8 billion ($8.8 million) changing hands.
The HNX30, composed of the bourse's leading shares in terms of capitalisation and liquidity, also rose over one per cent to 113.51 points.
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