Stock market: shares up as more money pumped in property
Shares recovered solidly after falling sharply in the morning session on March 2 as cash poured into the real estate sector.
Brokers manage an electronic bonds auction at the Hanoi Stock Exchange in Hanoi (Photo: VNA)Hanoi (VNA) - Shares recovered solidly after falling sharply in the morning session on March 2 as cash poured into the real estate sector.
The benchmark VN-Index on the HCM Stock Exchange (HOSE) gained 0.49 percent to settle at 1,121.21 points. It had dropped 0.51 percent to close at 1,115.79 points on March 1.
Meanwhile, the HNX Index on the Hanoi Stock Exchange (HNX) inched up 0.91 points to end at 128.25 points. The index was down 0.74 percent to end at 127.10 points on March 1.
More than 265.1 million shares were traded on the two local exchanges, worth 7.6 trillion VND (335.7 million USD).
Market trading conditions were positive, with 251 gaining stocks against 205 decliners, while 270 other stocks remained unchanged.
However, only 12 of the 30 largest shares by market capitalisation advanced in the VN30 Index.
The VN30 Index was up 0.10 percent to 1.106,92 points, with more than 78 million shares exchanged, worth 3.6 trillion VND.
The UPCOM Index on the Unlisted Public Company Market (UPCoM) gained slightly 0.58 percent to finish at 60.17 points. The index was down 0.74 percent to end at 127.10 points on March 1.
Financial-banking and real estate stocks were the best-performing among the 20 sectors in the stock market, with the banking and real estate indices advancing 0.26 percent and 1.21 percent, respectively, according to vietstock.vn.
Money flow focused on real estate stocks and construction firms. Dat Xanh Real Estate Service & Construction Corporation (DXG), Development Investment Construction JSC (DIG), Sai Gon Thuong Tin Real Estate JSC (SCR) and LDG Investment Joint Stock Company (LDG) all increased at least 5 percent, leading the market recovery.
In addition, a number of blue chip stocks and petroleum stocks also supported the uptrend of the index, including PetroVietnam Technical Services Corporation (PVS), advancing 3.31 percent, Drilling Mud Joint Stock Corporation (PVC), gaining 2.11 percent and PetroVietnam Drilling & Well Services Corporation (PVD), up 0.91 percent.
Foreign investors were net sellers of 127.37 billion VND worth of shares in VIC (53.6 billion VND), VCB (27.2 billion VND) and KBC (25.8 billion VND). In addition, they bought a net of 7.2 billion VND on the HNX.-VNA
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