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Shares climb for second day, realty stocks cool down
Vietnamnews - 3/8/2023 3:44:57 PM
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Việt Nam’s stock market had a busy session on Tuesday with rising liquidity, but realty stocks cooled down after Monday's surge.
On the Hồ Chí Minh Stock Exchange, the VN-Index rose for a second day, up 1.04 per cent to close at 1,037.84 points. The southern market’s index edged up 0.24 per cent on Monday.
The market breadth was positive with 216 stocks rising, 178 declining and 176 closing flat.
Regarding industries, 21 out of 25 stock groups tracked by gained value, of which the construction materials group led the market with an average growth of 3.1 per cent, followed by the securities group (up 2.6 per cent) and the banking and accommodative services (each up 1.3 per cent).
In the construction materials group, steelmakers posted the biggest gains, led by Hòa Phát Group (HPG, up 3.4 per cent), Hoa Sen Group (HSG, up 4.9 per cent) and Nam Kim Steel JSC (NKG, up 6.5 per cent).
Banks also performed well with six of the top 10 shares lifting the VN-Index most coming from this group. They included BIDV (BID), Vietcombank (VCB), Vietinbank (CTG), VPBank (VPB), Eximbank (EIB) and Hồ Chí Minh Development Bank (HDB) with growth of between 1-2.8 per cent each.
The growth of realty stocks cooled down after a surge on Monday. No Va Land Investment Group (NVL) lost 1.8 per cent in value while Đất Xanh Group (DXG) fell 2.8 per cent after hitting the ceiling growth limit on Monday. Phát Đạt Real Estate Development JSC (PDR) and Vinhomes (VHM) sustained the green but their growth slowed to below 1 per cent on Tuesday.
According to Hoàng Anh Tuấn, a senior investment consultant at MB Securities Co, the stock market is unlikely to experience significant growth in the short term (3-6 months). This is due to the possibility of another rate hike by the Federal Reserve. In addition, the pressure on the exchange rate may limit the extent to which Việt Nam's interest rate can be reduced.
For the realty industry, he predicted the real estate industry will remain in a state of stagnation until the end of 2024 due to the typical duration of the "freeze" period being around 2-3 years.
"Currently, there is little movement in the real estate market, and any surge is likely just a rebound from a previous significant decline,” Tuấn was quoted as saying on
On the Hà Nội Stock Exchange, the HNX-Index also extend gains to a second day, up 0.46 per cent to 207.50 points.
Liquidity rose on both exchanges with a total of 518 million shares worth nearly VNĐ9 trillion (US$381.3 million) being traded, up 9 per cent in volume and 18 per cent in value over Monday’s levels.
Foreign traders returned to net buying after a 14-day net-selling streak, being responsible for a total net buy of VNĐ210 billion on the two markets. — VNS
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