Benchmark indices ended flat on realty stocks

Wednesday, Apr 12, 2023 18:43

A gate of Melosa Garden, a project built by Khang Dien House. The property developer's shares surged by more than 4.7 per cent on Wednesday, paring the market's losses. — Photo courtesy of Khang Dien House

The stock market slightly changed on Wednesday as losses were cushioned by gains of some stocks, especially in the real estate sector.

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) was most stable in a choppy session. It ended the day at 1,069.45 points, a decline of only 0.01 points.

The market’s benchmark recouped more than 4 points on Tuesday, buoyed by strong gains of realty stocks, after falling for three straight days.

The breadth of the market was neutral, while liquidity increased over the previous session. Of which, the trading value on the southern exchange climbed by 9 per cent to VND12.65 trillion (US$539.65 million), equal to a trading volume of over 726.1 million shares.

The 30 biggest stocks tracker, VN30-Index, lost 1.02 points, or 0.09 per cent, to 1,080.69 points. In the VN30 basket, 13 stocks increased, while 14 inched lower and three finished flat.

According to statistics, Sabeco (SAB), VPBank (VPB), and Vingroup (VIC) were the top three stocks dominating the bear trend, with all three down in a range of 0.93-2.29 per cent.

Other stocks witnessing poor performances were Vietjet Aviation JSC (VJC) which lost 2.54 per cent, SSI Securities Corporation (SSI), down 2.65 per cent, and Vincom Retail (VRE) fell 1.2 per cent.

The index pared losses on gains in banking and real estate stocks, led by Masan Group (MSN), up 2.05 per cent.

Many realty stocks continued to perform well, cushioning the downtrend. Of which, Novaland (NVM) soared by nearly 6 per cent, Khang Dien House Trading and Investment JSC (KDH) was up 4.74 per cent, Phat Dat Real Estate Development JSC (PDR) rose by 4.81 per cent, Hadoco (HDC) was up 4.83 per cent, while Hodeco (HDC) hit the biggest intra-day gain of 7 per cent.

Analysts from Saigon-Hanoi Securities JSC said that the medium and long-term trend of the market had not changed significantly, and the VN-Index is still recovering after hitting bottom last November. However, the current recovery phase is gradually creating a tight accumulation platform.

Meanwhile, the current state of the macro events is very unpredictable as the global economy continues to be unpredictable amid the complexity of inflation and geopolitical situations.

“Therefore, we believe that the current cumulative trend of the stock market will continue before the market can create a really strong uptrend,” SHS said.

With the outlook, the securities firm recommended that short-term investors take advantage of the ongoing correction sessions to increase the proportion of portfolio stocks. SHS still expects the market benchmark to head towards the area of 1,150 points.

On the Ha Noi Stock Exchange (HNX), the HNX-Index also edged lower at 211.94 points, down 0.4 points, or 0.19 per cent.

During the session, more than VND1.3 trillion worth of shares, equivalent to a trading volume of 96.6 million shares, was traded on HNX.

Foreign investors flew away from the market on Wednesday as they net sold more than VND342 billion on both main bourses. Of which, they net sold nearly VND342 billion on HoSE and VND62.14 million on HNX. — VNS

Comments (0)