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Property firms, steel producers boost markets
Vietnamese shares rose on both local markets this morning, as property developers and steel producers advanced.
The benchmark VN Index on the HCM Stock Exchange gained 0.4 per cent to close at 574.12 points, and the HNX Index on the Ha Noi Stock Exchange added 0.5 per cent to end at 80.16 points.
The property sector was lifted by Phat Dat Real Estate Development JSC (PDR), which jumped 4.2 per cent after the company targeted earnings this year that are nearly double of last year's figures.
Another property developer, NBB Investment Corporation (NBB) increased by 1.1 per cent after the HCM City Infrastructure Investment JSC (CII) agreed to reduce its stake in the NBB to 20 per cent from 24 per cent.
Hoang Quan Consulting-Trading-Service Real Estate Corporation (HQC) added 1.8 per cent after the company announced it could allow foreign investors to raise their stake in the company to touch 60 per cent.
Other stocks such as Vingroup JSC (VIC) and Khang Dien Investment and Trading House JSC (KHD) gained two per cent and 0.4 per cent, respectively.
In addition, steel producers made gains on expectations that their businesses would grow this year.
Among those companies, Tien Len Steel Group JSC (TLH) surged 6.9 per cent and Vietnam Germany Steel Pipe JSC (VGS) advanced 9.3 per cent.
Both local markets traded more than 92.7 million shares, worth VND1.46 trillion (US$65 million).
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