Property firms help markets rebound
Property firms help markets rebound
Vietnamese shares bounced back on both local markets this morning, led by property developers.
The benchmark VN Index on the HCM Stock Exchange rose 1 per cent to close at 583.55 points.
The HNX Index on the Ha Noi Stock Exchange inched up by 0.1 per cent to end at 80.30 points.
Property companies lifted both markets. Vingroup JSC (VIC), FLC Group (FLC), Tan Tao Investment Industrial JSC (ITA) and Kinh Bac City Development Share Holding Corp (KBC) gained 1.9 per cent, 1.6 per cent, 4.4 per cent and 5.5 per cent, respectively.
Hoang Anh Gia Lai JSC (HAG) and its subsidiary HAGL Agricultural JSC (HNG) rebounded sharply after their recent declines became attractive to investors.
HAG surged 6 per cent from a five-day loss of 14 per cent while HNG jumped 6.1 per cent after declining by 16.5 per cent in the previous six consecutive days.
Banks also recorded gains. Vietcombank (VCB) added 1.1 per cent and Bank for Investment and Development of Viet Nam (BID) rose 2.5 per cent.
Other blue chips, such as dairy firm Vinamilk (VNM) and food producer Masan Group (MSN), also showed an improvement from Wednesday's falls.Both local markets traded more than 93.2 million shares worth VND1.47 trillion (US$65.5 million).
