Local stocks drop, industrial real estate advances on Japanese factories move
Local stocks drop, industrial real estate advances on Japanese factories move
Industrial real estate stocks soared on Monday but their gains were not enough to cushion the market, overclouded by a cautious market sentiment.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange dropped 1.22 per cent to close Monday at 861.40 points.
The VN-Index gained total 0.09 per cent last week.
The blue-chip tracker VN30-Index lost 1.33 per cent while the VN30 futures, which mature on August 20, fell 1.41 per cent to 796.50 points.
The mid-cap and small-cap indices were down 1.11 per cent and 0.67 per cent, respectively.
The 30 largest stocks by market capitalisation and trading liquidity in the VN30 basket declined.
The worst declining large-caps were construction firm Coteccons (CTD), insurer Bao Viet Holdings (BVH), commercial centre operator Vincom Retail (VRE), petrol firm Petrolimex (PLX), and consumer staples group Masan (MSN).
Those large-caps decreased between 2.1 per cent and 4.3 per cent on Monday.
The local market was in the same direction as global stocks as investors awaited more efforts and stimulus packages from the EU and US to fight the coronavirus pandemic, securities firms reported.
“Investors were divided with the current market conditions given the continuously-rising number of COVID-19 infection cases and the second-quarter earnings season is coming to the end,” Thanh Cong Securities Co (TCSC) said in its daily report.
On a sector basis, key industries such as real estate, banking, securities, insurance, retail, food and beverage, and mining and energy were down between 0.9 per cent and 3.7 per cent, according to vietstock.vn.
But there were some positive signals in sub-industries such as industrial real estate.
Shares of industrial property developers soared on Monday after the Japanese government was reported to pay firms to move their factories from China to Southeast Asian countries, including Viet Nam.
Industrial real estate stocks such as Tan Tao Investment Industry Corp (ITA), Long Hau Corporation (LHG), Kinh Bac City Development Share Holding Corp (KBC), and Sonadezi Chau Duc Shareholding Co (SZC) surged between 2.4 per cent and 6.0 per cent.
“The gap between the large-cap index VN30 and its August futures proves investors are still pessimistic about the market’s short-term uptrend,” Sai Gon-Ha Noi Securities Co (SHS) said in a note.
The minor HNX-Index on the Ha Noi Stock Exchange dropped 0.93 per cent to end Monday at 115.72 points.
The northern market index rose nearly 1 per cent last week.
More than 330 million shares were traded on the two local exchanges, worth VND5.29 trillion (US$228.3 million).
