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

The welcome gate of Khang Dien's Melosa Garden project in District 9, HCM City. KDH rose 3.7 per cent on Wednesday. — Photo courtesy of Khang Dien House

Shares gained ground on Wednesday 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 0.92 per cent to close at 1,098.28 points. The index had ended Tuesday at 1,088.29 points, an increase of 2.03 per cent.

The market's breadth turned positive with 105 stocks declining, while 322 rose.

Liquidity rose to a new high with 604.2 million shares traded on the southern bourse, worth VND10.2 trillion (US$435.2 million).

The 30 biggest stocks tracking VN30-Index rose 1.09 per cent to 1,115.72 points. Twenty-five in the VN30 basket increased, while two declined and three 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, such as Khang Dien House (KDH), Novaland (NVL) and Phat Dat Real Estate Group (PDR).

The bullish inertia continue to bring the market up and conquer the higher resistence zone. Liquidity improved compared to the previous period, showing that investors’ sentiment is gradually becoming positive again, said Viet Dragon Securities Co.

“With this development, the market may continue to gain in the next session thanks to the inertia, yet a dispute situation may take place. The next resistance area to watch out for is the old peak of 1,100 points of VN-Index, equivalent to 1,120 points of VN-30 index. Therefore, investors expect the market’s ability to rise, but still need to pay attention to selling pressure at the upcoming peak,” said the company.

Meanwhile, the HNX-Index on the Ha Noi Stock Exchange (HNX) gained 1.2 per cent, to close Weddnesday at 217.73 points.

The index had closed Tuesday at 215.15 points, a decline of 2.02 per cent.

During the trading session, investors poured VND1.2 trillion into the northern market, equivalent to a trading volume of 75.3 million shares. — VNS