ASEAN KEY DESTINATIONS
VN Index nears 1,200 points on real estate, construction
Viet Nam’s benchmark VN Index made a three-day increase to near the all-time peak of 1,200 points yesterday on strong growth of property developers and building contractors.
The VN Index on the HCM Stock Exchange gained 0.57 per cent to end at 1,199.96 points, totalling a three-day growth of 1 per cent.
The benchmark index made a weekly gain of nearly 2.2 per cent with four gaining sessions of the five trading days of this week.
More than 252 million shares were traded on the southern bourse, worth VNĐ7.38 trillion (US$328 million).
The market trading condition was positive with 169 gaining stocks and 130 decliners while 41 others ended flat.
The real estate and construction industries were among the best performers yesterday with their indices up 1.2 per cent and 1 per cent, respectively.
Among those gainers were FLC Faros Construction (ROS), steel producer Hòa Phát Group (HPG) and Coteccons Construction Corp (CTD), which rose between 2 per cent and 4.8 per cent.
Large-cap stocks also performed well with the VN30 Index advancing 0.45 per cent to 1,174.37 points and 14 of the 30 largest companies by market capitalisation making gains.
In addition to ROS, HPG and CTD, other gaining stocks in the VN30 basket included Sacombank (STB), petrol dealer Petrolimex (PLX) and logistics firm Gemadept (GMD).
Specifically, shares of property developer Vingroup (VIC) gained 1.1 per cent. It has increased by total 8.3 per cent in the last three sessions.
Vingroup shares have rallied consistently since the initial public offering (IPO) of its subsidiary Vincom Retail at the end of last year, Viet Dragon Securities (VDSC) said in a report.
Since the end of 2017, VIC has gained substantially 71 per cent to close yesterday at its all-time high of VNĐ132,400 per share.
“The market is expecting the same thing with the IPO of Vinhomes” after Vingroup’s high-end residential property arm filed for listing on the HCM Stock Exchange on Thursday, VDSC said.
The good growth of the VN Index could not overshadow the fact that market volatility continued to increase on Friday, BIDV Securities Co (BSC) wrote in its report.
“The market tends to continue to accumulate at the current price level,” BSC said, adding the increased selling will weaken and large-cap stocks will take turn to lead market.
On the Ha Noi Stock Exchange, the HNX Index added 0.92 per cent to end at 138.02 points. It has advanced total 2 per cent after two sessions.
The UPCOM Index on the Unlisted Public Company Market (UPCoM) rebounded 0.36 per cent from its 0.07 per cent fall, closing at 60.64 points.
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