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Wednesday,  Sep 20,2017,14:41 (GMT+7)

Real estate stocks recover

Phuong Thao
Thursday,  Aug 31,2017,22:52 (GMT+7)
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Real estate stocks recover

Phuong Thao

People wait for the start of Grab’s fifth anniversary news conference in Singapore June 6, 2017 - PHOTO: REUTERS

HCMC – Real estate stocks sent the market back into positive territory on August 30 although turnover on the HCMC bourse sharply declined. The VN-Index gained a slight 0.6% from the previous day at 778.65.

VIC, the leading stock in the sector, soared 6.8% at VND49,200 a share with matching volume of nearly 1.6 million shares. According to local media, VIC saw its audited consolidated after-tax profit in the first half up 16% against the interim report, prompting investors to scramble for the stock of the property giant.

Other firms followed suit, in which CEE went up to the ceiling price, CII added 1.9% and NLG increased 2.2%. Among the large-cap stocks, SAB, Vietnam’s biggest brewery, edged up 0.4% after a week-long decline while consumer goods producer MSN jumped 3.5%.

In contrast, speculative stocks still saw high selling pressure. Property firm FLC plunged to the floor price for the second straight session, closing at VND7,930 a share, with more than 57.9 million shares changing hands.

HAI, an agricultural chemical firm, was among the most actively traded stocks with 11.2 million shares. However, it lost 6.4% at VND11,000 per share.

On the Hanoi market, blue chips dragged the HNX-Index down 0.17% at 103.34 points. Trading value contracted 13% versus the day earlier at nearly VND539 billion, including VND33.7 billion in bloc deals.

In the banking sector, ACB fell 0.3% with matching volume of 1.6 million shares while SHB declined 1.3% with 4.8 million shares traded.

According to experts from vietstock.vn, market developments were not positive if the contribution of VIC was excluded. Most stocks moved around their reference prices while stock markets worldwide recovered after a crash on Tuesday over North Korea’s missile launch.

Foreign investors stayed on the buying side but their trading was modest. They net purchased over VND55.9 billion of shares on the HCMC exchange and VND4 billion of shares on the Hanoi bourse.

Market breadth was narrow, an indication that investors were not ready for a strong rebound. Bank stocks had yet to see signs of recovery although many banks had dropped to near their strong supporting levels, they said.

Except for aggressive transactions of FLC shares, mid and small cap stocks had yet to attract cash flow. In fact, small-cap stocks have seen their turnover slumping steadily recently.

The recovery of the main index may fuel trading sentiment on August 31. However, strong buying is not advised given low turnover on the market.

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