Banks, real estate lead stock gains
Banks, real estate lead stock gains
Shares extended gains for a second day on both local exchanges, driven by strong showings from banks and property developers.
The benchmark VN Index on the HCM Stock Exchange rose 0.8 per cent to close at 682.25 points, climbing total 1.3 per cent after two sessions.
The HNX Index on the Ha Noi Stock Exchange edged up 0.4 per cent to end at 83.04 points, up nearly 1 per cent after two days.
After the previous five-day decline, both southern and northern market indexes finished down 0.4 per cent and 1.4 per cent from last week's closing levels.
The banking sector led the market yesterday, as four of nine listed gains, including Asia Commercial Bank (ACB), Bank for Investment and Development of Viet Nam (BID), Vietinbank (CTG) and Sai Gon-Ha Noi Bank (SHB).
ACB rose 1 per cent, BID and CTG advanced 2.4 per cent each, and SHB jumped 3.8 per cent.
Real estate companies also performed well, with five of the 10 most active stocks coming from the property development sector, including FLC Group (FLC) and Tan Tao Investment and Industry Corp (ITA).
FLC surged 7 per cent after the company's chairman Trinh Van Quyet late Thursday announced he would buy more than 50.2 million shares of the company between November 9 and December 8 to raise his ownership to nearly 25 per cent.
Quyet now holds more than 108.8 million shares of FLC, equal to 17 per cent of the company's voting shares. FLC was the most active stock with nearly 15 million shares traded.
The FLC's surge also helped FAROS Construction Corp's stock ROS jump 7 per cent. Quyet holds more than 279.5 million shares in FAROS, equal to 65 per cent of the firm's capital.
ITA was the second most active stock with more than 10.2 million shares traded. ITA closed yesterday up 0.6 per cent.
Energy sector were slightly higher while oil was traded lower yesterday over concerns that the output cut deal between the Organisation of Petroleum Exporting Countries (OPEC) and other producers could resolve the global glut.
Among local energy stocks, PetroVietnam Transportation Corp (PVT) added 0.8 per cent after the company reported third-quarter and nine-month after-tax profits exceeded last year's numbers by 33 per cent and 7 per cent.
Market trading liquidity improved in comparison to Thursday with VND2.48 trillion ($110.3 million) worth of nearly 159.5 million shares being traded.
Yesterday, the Ha Noi Beer Alcohol and Beverage Corp (Habeco) started trading on the Unlisted Public Company Market (UPCoM) as BHN.
