Property firms help VN markets rise
Property firms help VN markets rise
Vietnamese shares struggled to stay positive for a fourth day on both local exchanges as property firms made gains on the central bank's proposal to extend the housing stimulus package.
The benchmark VN Index on the HCM Stock Exchange inched up 0.2 per cent to finish at 619.86 points, climbing a total 2.6 per cent in the last four trading days.
The HNX Index on the Ha Noi Stock Exchange ended nearly flat at 81.93 points, a slight increase from Tuesday. The northern index has moved up 1.1 per cent over the last four sessions.
The property sector took its turn to lead markets up after the central bank proposed the Government extend refinancing for credit contracts signed before March between commercial banks and customers to buy, rent or repair houses till the end of this year.
The total refinancing package amounts to more than VND32.7 trillion (US$1.45 billion), including the current VND30 trillion.
Among property firms, Vingroup JSC (VIC) rose 1.9 per cent, Kinh Bac City Development Share Holding Corp (KBC) edged up 0.7 per cent, and An Duong Thao Dien JSC (HAR) and Sai Gon Thuong Tin Real Estate JSC (SCR) added 2 per cent and 2.1 per cent, respectively.
Gains in the property sector also boosted construction companies, including Cotec Construction JSC (CTD), Vietnam Construction and Import-Export Joint Stock Corp (VCG) and LDG Investment JSC (LDG), which were up between 0.9 per cent and 1.7 per cent.
Steel producers such as Hoa Phat Group (HPG), Hoa Sen Group (HSG), Tien Len Steel Group JSC (TLH) and Vietnam-Germany Steel Pipe JSC (VGS) also had a good session.
VGS rose 0.9 per cent, HPG increased by 1.5 per cent, and HSG and TLH surged 5.1 per cent and 6.3 per cent, respectively.
On the contrary, energy stocks had a bad trading day as investor confidence was low on concerns that the Organisation of Petroleum Exporting Countries (OPEC) may not reach an agreement on output policy and global production started to climb again.
US crude West Texas Intermediate (WTI) fell 1.3 per cent to trade at $48.47 a barrel, extending a five-day slide of 2.2 per cent over one week.
Local energy stocks declined, including PetroVietnam Gas Corp (GAS), PetroVietnam Mud Drilling Corp (PVC) and PetroVietnam Technical Service Corp (PVS).
Both local markets traded more than 162.6 million shares worth VND2.57 trillion, a decrease of 13 per cent on Tuesday's trading value.
