Realty stocks lead market gains as fresh week commences

Monday, Jul 17, 2023 17:44

Vincom shopping mall in Pham Ngoc Thach Street, Ha Noi. Vinhomes (VHM) and Vingroup (VIC) topped the list of the shares affecting the VN-Index most with respective growth of 4.6 per cent and 2.9 per cent. — VNS Photo Mai Huong

Shares extended gains this week despite mounting caution among investors, driven by a spur in the real estate sector.

On the Ho Chi Minh Stock Exchange, the VN-Index closed Monday up 0.4 per cent at 1,173.13 points. This was the seventh consecutive gaining session of the VN-Index with a cumulative growth of more than 4 per cent.

Liquidity declined slightly, however, with nearly 915 million shares worth VND18.6 trillion (US$786.2 million) being traded, down 12 per cent in volume and value compared to Friday’s levels.

“As the market went up, the profit-taking pressure also increased. However, thanks to the sustained excitement of many investors, VN-Index closed successfully above 1,170 points despite shaking in the second half of the session,” market analysts at wrote in a daily note.

Realty stocks continued to take the throne and were the market leader in the day that banks showed signs of a slowdown. Data on showed the property sector increased by an average of 2.5 per cent, the highest among 14 gaining sectors.

Vinhomes (VHM) and Vingroup (VIC) topped the list of the shares affecting the VN-Index most, with respective growth of 4.6 per cent and 2.9 per cent. Vincom Retail ranked fifth with an increase of 2.5 per cent.

Other big gainers included Development Investment Construction Corp (DIC), Phat Dat Real Estate Development (PDR), Dat Xanh Group (DXG), Khang Dien House Trading and Development (KDH) with each rising by more than 3 per cent.

“In general, the cash flow is still trying to support the gaining market. With this move, it’s still possible to expect the market to continue rising, but the movement will be slow and there will be a state of contention between supply and demand,” said Phuong Nguyen, a stock analyst at Viet Dragon Securities Co.

Phuong reckoned there are still short-term opportunities in the stocks that are showing good technical signals from the accumulation base. However, she advised investors to consider taking profits on the stocks that have increased rapidly to the resistance zone or are under great selling pressure from the resistance zone.

On the Ha Noi Stock Exchange, the HNX-Index also opened the week on a positive note, rising 0.33 per cent to end at 230.95 points.

Liquidity increased slightly here to 115 million shares worth VND1.8 trillion.

Foreign traders concluded as net buyers on both exchanges, picking up shares worth total net value of VND573 billion. — VNS

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