VN-Index gains on property stocks

Wednesday, Feb 20, 2019 08:00

Vinhomes Gardenia in Ha Noi. The company was the biggest gainer with share price rising 6.1 per cent on Tuesday. — Photo

Viet Nam’s benchmark VN-Index advanced on Tuesday thanks to strong growth of large-cap stocks such as Vingroup (VIC) and its property arm Vinhomes (VHM).

The VN-Index edged up 0.32 per cent to close trade at 964.35 points. It increased over 1 per cent on Monday.

However, 190 of total 380 stocks on the Ho Chi Minh Stock Exchange lost value and only 97 stocks advanced. Many of the largest capitalised stocks also slumped, including Vietcombank (VCB), PV Gas (GAS), Bank for Investment and Development of Viet Nam (BID), Petrolimex (PLX), Vietinbank (CTG) and PetroVietnam Power Corp (POW) with losses of between 1 per cent and 3 per cent.

On the other end of spectrum, Vingroup and Vinhomes, two of the 10 biggest stocks by market value and liquidity on the southern bourse, climbed 2 per cent and 6.1 per cent, respectively.

VIC closed Tuesday at VND116,000 (US$4.98) per share while VHM ended at VND87,000 ($3.73) each.

Liquidity also jumped about 30 per cent, reaching more than VND5.4 trillion ($231.8 million), the highest level since December 25, 2018.

“The VN-Index is still able to maintain its uptrend despite certain fluctuations. High liquidity signaled profit-taking pressure, but the market absorbed the demand quite well today,” Vu Duong, a stock analyst at Viet Dragon Securities Co, wrote in a daily report.

The VN-Index has gained nearly 6 per cent this month and more than 8 per cent this year.

Foreign investors resumed net buying on Tuesday with total net buy value of VND217 billion, focusing on shares of private equity firm Masan Group (MSN), Hoa Phat Group (HPG) and Eximbank (EIB).

On the other hand, they offloaded Vietjet shares (VJC), Ho Chi Minh Development Bank (HDB) and DHG Pharmaceuticals (DHG).

On the Ha Noi Stock Exchange, the HNX-Index decreased 0.59 per cent to close at 106.21 points.

The northern market index increased 3.3 per cent this month and nearly 2 per cent this year.

Liquidity also increased slightly with more than 38 million shares worth VND529 billion changing hands.

According to BIDV Securities Co, market sentiment is positive with liquidity increasing. However, investors are advised to continue to monitor the world and regional economic situation, especially the trade negotiations between the United States and China this week. – VNS

Comments (0)