Markets up as latest circular lifts property firms

Monday, May 30, 2016 12:29

Real estate stocks boosted local markets after the latest circular issued by the central bank is considered "less fierce than expected". — Photo

HA NOI (Biz Hub) — Vietnamese shares extended gains from Friday on both local markets in the early session as the latest circular issued by Viet Nam's central bank boosted real estate firms.

The benchmark VN Index on the HCM Stock Exchange gained 0.5 per cent to close at 610.82 points and the HNX Index on the Ha Noi Stock Exchange inched up 0.1 per cent to end at 81.48 points.

Real estate corporations made significant gains benefiting from the latest circular issued by the central bank on Friday, which aims to tighten banks' lending to the property sector.

However, the circular is considered "less fierce than expected" by local analysts.

Among property companies, Vingroup JSC (VIC) rose 1.9 per cent, Kinh Bac City Development Share Holding Corp (KBC) added 2 per cent, FLC Group (FLC) was up 1.6 per cent and Sai Gon Thuong Tin Real Estate JSC (SRC) advanced 1.1 per cent.

The increase in the property sector also pushed steel producers up, including Hoa Phat Group (HPG), Tien Len Steel Group JSC (TLH) and Vietnam-Germany Steel Pipe JSC (VGS). Thesestocks each increased between 0.3 per cent and 3.8 per cent.

Both local markets traded nearly 88.8 million shares worth VND1.24 trillion (US$55 million). — VNS

Comments (0)