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Sunday, June 23, 2024

Property stocks steal limelight

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HCMC – The benchmark VN-Index of the Hochiminh Stock Exchange advanced but it missed an opportunity to beat the resistance level of 1,300 points on May 24, with a host of stocks in the property group hitting their ceiling prices at the close.

Among real estate stocks, DXG, DIG, IJC, SCR, ASM hit their upper limits. DXG saw 21.62 million shares changing hands, DIG reported a matching volume of 13.36 million shares, while IJC saw some 9.5 million shares traded.

Besides this, many other property stocks including DPG, HAR, NTL, HDG, KBC, and TCH expanded around 5%.

In the VN30 basket, only seven stocks—FPT, HDB, HPG, NVL, PLX, VIC, VPB—closed in negative territory, with fuel distributor PLX being the biggest decliner as it contracted 1.9%.

Meanwhile, 23 others in the basket ended on an upbeat note. Lender CTG surpassed its fellow BID to steal the limelight as it hit its upper limit early this afternoon before slowing down after that, still ending up 6.1% with 30.5 million shares transacted. Some largecaps such as lender BID, housing developer VHM, and dairy firm VNM were good performers as well.

Regarding bank stocks, despite remaining the most actively traded units on the bourse, many of them fell a slight 0.5% such as STB, MBB, TCB, LPB.

Overall, with 259 winners and 158 losers, the main index added 14.05 points, or 1.09% against last Friday to reach 1,297.98. Trading volume on the southern bourse improved 2.36% while value remained equivalent to that of the previous session, at over 715 million shares worth more than VND23.6 trillion. Shares traded in block deals contributed over VND1.8 trillion to the overall value.

While investors encountered difficulties due to a technical system error frequently clogging trade on the southern bourse, the strong cash flow diverted to the northern bourse and enabled the HNX-Index to conquer the 300-point level.

At the close, the HNX-Index gained 2.34 points, or 0.79% versus the previous session at 300.33, with 126 advancers and 80 decliners.

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