Business

Stagnant realty market drives down property stocks

HCM City's VN-Index saw falls for the second consecutive day on May 17 with 1.51 percent wiped off the market on the back of plunging property stocks.
HCM City's VN-Index saw falls for the second consecutive day on May 17with 1.51 percent wiped off the market on the back of plunging propertystocks.

The index closed at 464.35 points.

Blue chipproperty stocks were the biggest losers in the day's trading with sharesin resort developer Vinpearlland (VPL) down 4.5 percent to 64,000 VNDand those in property developer Vincom (VIC) dropping 4.8 percent to118,000 VND.

Hoang Anh Gia Lai (HAG) shares finished 4.9 percent lower at 38,700 VND.

Otherproperty stocks seeing losses included Hud3 Investment and ConstructionCo (HU3) which was down 5 percent, Song Da Urban&Industrial ZoneInvestment and Development Co (SJS) losing 4.8 percent, and theTransport Engineering Construction&Business Investment Co No584(NTB) dropping 4.1 percent.

PetroVietnam Idico Long Son Industrial Park Investment Co (PXL) was down a more modest 3.6 percent.

VNDirectSecurities' analysts blamed the falls on a stagnant real estate marketand said they would have a significant impact on market development asthey accounted for substantial part in the VN-Index's calculation.

Meanwhile,trading could remain sluggish if there was no positive news on themacroeconomic front, they said, adding the gloomy market conditions werefar from over.

"As a result, capital disbursement should focuson high-portfolio stocks or investors should hold onto their cash," saidthe analysts.

Trading volume on the trading session was alsopoor with only 24.1 million shares changing hands, their total valuebeing 483.2 billion VND (23 million USD).

Among the 10 largest cap stocks, dairy producer Vinamilk (VNM) managed gains of 2.7 percent.

Vietcombank(VCB) also continued its upwards move, surging 4.7 percent thanks to a60 percent year-on-year increase in its net profit in the first quarter.

TheUK Financial Times reported that Credit Suisse would be the bank'sconsultant when it came to selling 20 percent stakes to foreignpartners.

But securities analysts said the VCB rally would endsoon and its impact on the VN-Index wouldn't be as significant as thatof MSN or insurer Bao Viet Holdings (BVH).

Saigon Securities Inc (SSI) was the most active share with nearly 1.1 million shares sold, and up 2 percent to 19,400 VND.

In Hanoi, the HNX-Index closed down (1.75 percent) for the sixth day to close at 79.56 points.

Thetotal trade volume was 24.9 million shares with a value of 301.1billion VND (14.3 million USD). Coffee exporter Thai Hoa Vietnam Group(THV) was the prime mover with 2.1 million shares changing hands./.
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