Shares extend gains on the rise of real estate, securities stocks

Wednesday, Nov 30, 2022 06:46

The welcome gate of Khang Dien's Melosa Garden project in District 9, HCM City. KDH rose 7 per cent on Tuesday. — Photo courtesy of Khang Dien House

Shares gained ground on Tuesday thanks to the sharp rises of large-caps and in the securities and real estate group, supporting the overall market.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) gained 2.63 per cent to close at 1,032.16 points. The index had gained 3.52 per cent, to close Monday at 1,005.69 points.

The market's breadth turned positive with 102 stocks declining, while 350 rose.

Liquidity rose to a new high with 1.18 million shares traded on the southern bourse, worth VND18.25 trillion (US$737.8 million).

The 30 biggest stocks tracking VN30-Index rose 2.46 per cent to 1,029.04 points. Twenty-two in the VN30 basket increased, while four declined and four ended unchanged.

Securities stocks soared at the end of the session with many strong gainers, namely Asia - Pacific Securities Joint Stock Company (APS), Viet Nam Bank For Industry & Trade Securities JSC (CTS), VNDirect Securities Co (VND), Bank for Invesment & Development of Vietnam Securities Company (BSI) and VIX Securities Joint Stock Company (VIX).

Real estate and construction stocks witnessed a dramatic gain in prices as a series of large-cap stocks hit the daily limit rise such as Khang Dien House (KDH), Novaland (NVL) and Phat Dat Real Estate Group (PDR).

Other stocks in the group also climbed such as Kinh Bac City Development Holding Corporation (KBC), Ha Do Group JSC (HDG), Nam Long Group (NLG), Hoa Binh Construction Group Joint Stock Company (HBC) and Viglacera Corporation - JSC (VGC), LDG Investment JSC (LDG), Tan Tao Investment and Industry Corporation (ITA), Hoang Quan Consulting-Trading-Service Real Estate Corporation (HQC), Thu Duc Housing Development Corporation (TDH), Van Phat Hung Corporation (VPH), Licogi 16 Joint Stock Company (LCG) and FECON CORPORATION (FCN).

Liquidity increased positively, showing that cash flow is still actively participating. The current upward momentum will likely help the market maintain an active status when entering the next session. However, there could be strong fluctuation at the resistance zone of 1,017 – 1,027 points of the VN-Index. This is also a challenging area to surpass so that the market can move towards higher target areas, said Viet Dragon Securities Co.

Therefore, investors can expect the market's upturn to expand, but should limit buying at high prices when VN-Index approaches the resistance zone. At the same time, it is necessary to observe the subsequent supply absorption to consider buying and accumulating stocks.

The market extended its upward momentum and successfully conquered the psychological level of 1,000 points. Liquidity also increased in line with the index's gaining movement, showing that the cash flow was more confident, it said.

Meanwhile, the HNX-Index on the Ha Noi Stock Exchange (HNX) gained 2.04 per cent, to close Tuesday at 208.22 points.

The index had gained 3.7 per cent, to close Monday at 204.06 points.

During the trading session, investors poured VND1.7 trillion into the northern market, equivalent to a trading volume of 152 million shares. — VNS

Comments (0)