Vietnam's shares gain slightly
Vietnamese shares rose slightly on both local exchanges on October 16 as property stocks gained following reports that forecast the real estate market will receive more foreign investment.
An investor watches trading on a computer at Hoang Gia Securities Co in Ha Noi. (Source: VNA)Vietnamese shares rose slightly on both local exchanges on October 16 as property stocks gained following reports that forecast the real estate market will receive more foreign investment.
The VN Index on the HCM Stock Exchange inched higher 0.1 percent to close at 593.02 points and the HNX Index on the Hanoi Stock Exchange was little changed, up 0.04 percent to finish at 81.18 points, extending gains for a second and third day, respectively.
The real estate sector index yesterday rose 0.7 percent after the US-based real estate service provider Real Value JLL, which has a representative office in Vietnam, published a report saying that Vietnam's property market was becoming more attractive to overseas investors.
For example, in the second quarter, a unit of the US-based investment firm Warburg Pincus invested 100 million USD into Vincom Retail, a subsidiary of Vingroup Corporation and also the biggest retailer in the country.
Leading local property developers such as Refrigeration Electrical Engineering Corporation (REE), Vingroup Corporation (VIC), PetroVietnam Construction JSC (PVX), FLC Group (FLC), Thang Long Investment Group (TIG) and Kinh Bac City Development Share Holding Corp (KBC) all gained.
REE gained 1.6 percent, VIC was up 0.7 percent, PVX increased by 3.2 percent, FLC rose 1.4 percent, TIG jumped 6.9 percent and KBC moved up 2.1 percent.
FLC and TIG were also the most active stocks on the two local exchanges with more than 9.4 million and 4.7 million shares traded.
In addition, large stocks that will likely or could reduce State ownership such as Binh Minh Plastics JSC (BMP), FPT Corporation (FPT), Vietinbank (CTG), the Bank for Investment and Development of Vietnam (BID) and Vinamilk (VNM) rose to lift the market.
At the end of the day, BMP gained 1.7 percent, FPT was up 0.2 percent, CTG rose 1.9 percent, BID inched up 0.4 percent and VNM jumped nearly 1 percent.
Both local exchanges traded more than 182 million shares and 2.86 trillion VND (127 million USD), an increase of 17.6 percent from the previous day.-VNA
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