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Shares mixed as property firms weigh
Vietnamese shares yesterday were little changed on both local exchanges amid concern that an oversupplied property market may undermine on real estate company profits.
The benchmark VN Index on the HCM Stock Exchange closed at 598.44 points, down 0.03 per cent from Monday, and the HNX Index on the Ha Noi Stock Exchange dropped another 0.2 per cent to finish at 81.30 points.
Do Thu Hang, Head of Market Research at Savills Viet Nam, told local media that apartment prices had stabilised during the third quarter and would not likely increase in the remaining months of this year because supply was increasing sharply.
She said that the property market in Ha Noi alone had an excess inventory of about 8,000 apartment units and would rise 25 per cent by the end of this year, so investors would not raise prices.
One-third of the 60 listed property developers declined including Vingroup Corporation (VIC), Kinh Bac City Development Share Holding Corporation (KBC) and FLC Group (FLC), which fell 0.2 per cent, 0.7 per cent and 1.4 per cent, respectively.
The energy sector index fell 1.1 per cent after US benchmark crude West Texas Intermediate (WTI) was down 1.2 per cent overnight to trade at US$43.45 a barrel.
Among losers, PetroVietnam Gas Corporation (GAS) and PetroVietnam Technical Services Corporation (PVS) lost 1.3 per cent and 2.7 per cent, respectively.
Some companies fell as investors sold companies that had rallied recently on third-quarter profits and news that China reduced its lending rate and the US central bank is considering a raise in its interest rate, Saigon Securities Incorporate (SSI) wrote in its report.
In addition, Bao Viet Holdings (BVH) helped the insurance sector fall 1.5 per cent. BVH fell 1.7 per cent yesterday after it had gained 10 per cent in the previous five days.
On the positive side, automobile manufacturers and distributors made gains after the General Statistics Office reported the import volume of pre-manufactured cars rose 28 percent this month from September while the value of those imports increased 3.6 per cent.
Among the seven listed companies in this sector, TMT Automobile Joint StockCompany (TMT) gained 6.4 per cent and Saigon General Service Corporation (SVC) was up 5.6 per cent. These two companies have gained 23 per cent and 28 per cent in the last seven days.
Both local bourses yesterday traded more than 164 million shares and VND2.47 trillion ($109.7 million).
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