Business

Property firms help Vietnamese markets rise

Vietnamese shares struggled to stay positive for a fourth day on both local exchanges as property firms made gains on the central bank’s proposal to extend the housing stimulus package.
Property firms help Vietnamese markets rise ảnh 1Photo taken of investors at Sai Gon Securities Inc’s exchange platform (Source: VNA)

Hanoi (VNA) - Vietnamese shares struggled to stay positive for a fourth day on both local exchanges as property firms made gains on the central bank’s proposal to extend the housing stimulus package.

The benchmark VN Index on the HCM Stock Exchange inched up 0.2 percent to finish at 619.86 points, climbing a total 2.6 percent in the last four trading days.

The HNX Index on the Hanoi Stock Exchange ended nearly flat at 81.93 points, a slight increase from the previous day. The northern index has moved up 1.1 percent over the last four sessions.

The property sector took its turn to lead markets up after the central bank proposed the Government extend refinancing for credit contracts signed before March between commercial banks and customers to buy, rent or repair houses till the end of this year.

The total refinancing package amounts to more than 32.7 trillion VND (1.45 billion USD), including the current 30 trillion VND.

Among property firms, Vingroup JSC (VIC) rose 1.9 percent, Kinh Bac City Development Share Holding Corp (KBC) edged up 0.7 percent, and An Duong Thao Dien JSC (HAR) and Sai Gon Thuong Tin Real Estate JSC (SCR) added 2 percent and 2.1 percent, respectively.

Gains in the property sector also boosted construction companies, including Cotec Construction JSC (CTD), Vietnam Construction and Import-Export Joint Stock Corp (VCG) and LDG Investment JSC (LDG), which were up between 0.9 percent and 1.7 percent.

Steel producers such as Hoa Phat Group (HPG), Hoa Sen Group (HSG), Tien Len Steel Group JSC (TLH) and Vietnam-Germany Steel Pipe JSC (VGS) also had a good session.

VGS rose 0.9 percent, HPG increased by 1.5 percent, and HSG and TLH surged 5.1 percent and 6.3 percent, respectively.

On the contrary, energy stocks had a bad trading day as investor confidence was low on concerns that the Organisation of Petroleum Exporting Countries (OPEC) may not reach an agreement on output policy and global production started to climb again.

US crude West Texas Intermediate (WTI) fell 1.3 percent to trade at $48.47 a barrel, extending a five-day slide of 2.2 percent over one week.

Local energy stocks declined, including PetroVietnam Gas Corp (GAS), PetroVietnam Mud Drilling Corp (PVC) and PetroVietnam Technical Service Corp (PVS).

Both local markets traded more than 162.6 million shares worth 2.57 trillion VND, a decrease of 13 percent on the May 31 trading value.-VNA

VNA
# housing stimulus package #Hanoi Stock Exchange #credit contracts #commercial banks
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