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Door opens to property stocks’ rally
Several property shares continued rallying amid a declining market, helped by the government easing credit policies to the sector.
Blue-chip Song Da Urban & Industrial Zone Investment and Development (SJS) hit the ceiling for the sixth session, with more than 700,000 shares matched.
Mid-cap stock Thu Duc Housing Development (TDH) also hit ceiling, while Licogi 16 (LCG), Dat Xanh Real Estate Service & Constructions Corp. (DXG), Tu Liem Urban Development (NTL) and Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC) sharply jumping with large matching volumes.
Ocean Group (OGC) and Hoang Anh Gia Lai (HAG) ended off but were also strongly bought. OGC outperformed the market with 1.3 million shares matched while HAG seeing 820,000 units changing hands.
The government’s decision to continue lending to a number of feasible real estate projects had made investors having positive responses to this sector, said FPT Securities.
Meanwhile, macroeconomic uncertainties continued weighed on the investors’ sentiment. Both the two stock exchanges ended off again to day, with Ho Chi Minh Stock Exchange (HoSE) sharply falling at the session’s end.
The VN-Index of the main bourse HoSE lost 5.58 points or 1.44 per cent to 381.63 points, mainly dragged by pillar stocks Vincom Corp. (VIC), Bao Viet Holdings (BVH) and Masan Group (MSN). Half the market fell with 143 stocks off compared with 85 up.
Several blue-chips also dropped pushing down the market, among them even major real-estate stocks Kinhbac City Development Share Holding Corp. (KBC), Quoc Cuong Gia Lai (QCG) and Khang Dien House Trading and Investment (KHD) hitting the floor.
However, investors kept cashing in. Total volume reached 41.7 million shares, worth VND629.5 billion ($30.4 million), boosted by put-through volume rising to 17 million shares worth VND289.2 billion ($13.9 million).
The Hanoi Stock Exchange (HNX) saw slighter fall of 0.08 points or 0.13 per cent, ending at 62.59 points. As high as 139 stocks were off, while 182 ending flat and 72 advancing.
Buying power improved. Liquidity significantly rose to 25.3 million shares worth VND238.5 billion ($11.5 million), thanks to strong buying power in major stocks like Kim Long Securities (KLS), VNDirect Securities (VND), Vietnam Construction and Import-Export (VCG) and PetroVietnam Construction.
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