Property drives market up

August 20, 2012 | 17:00

(0) user say

The market significantly bounced back Monday with the outperforming gains of real-estate stocks.

Numerous small-cap and mid-cap property and construction stocks rallied. Sao Mai Construction Corp. (ASM) jumped 4 per cent, Fecon Foundation Engineering and Underground Construction (FCN) hit the ceiling while Ho Chi Minh City Infrastructure Investment (CII) up 3.75 per cent.

Pennies like Tu Liem Urban Development (NTL) hit the ceiling, Urban Development and Construction Corp. (UDC) Transport Engineering Construction & Business Investment JSC 584 (NTB) sharply rose 4 per cent each.

Banking stocks were also active today, although their gains were modest. Vietinbank (CTG) had more than 2 million shares changing hands via the put-through method, Military Bank (MBB) outperformed the southern bourse with more than 2.4 million shares matched. Eximbank (EIB) had 1.1 million shares matched.

Vietcombank (VCB) significantly advanced 1.43 per cent with some 300,000 units matched.

Major securities company shares modestly improved. VNDirect Securities (VND) and Kim Long Securities (KLS) gained nearly 3 per cent. Bao Viet Securities (BVS) rose 3.15 per cent. Ho Chi Minh City Securities (HCM) suddenly hit the ceiling on HoSE with some 500,000 units matched.

Advancers outran decliners on both bourses. Some 134 stocks were up on Ho Chi Minh Stock Exchange (HoSE), compared with 70 off and 100 unchanged. The benchmark VN-Index gained 3.83 points or 0.88 per cent to 437.28 points.

Some 140 stocks advanced on Hanoi Stock Exchange (HNX), doubling 67 decliners. The HNX-Index slightly climbed 0.3 points or 0.43 per cent to end at 70.65 points.
While macroeconomics stayed unsupportive to the market, sentiment seemed to slightly improve on some movements in corporate restructures. Analysts are seeing the possible consolidation between Western Bank and PVFC as positive signs in instilling confidence for Vietnam banking system after minimal improvement in the second-quarter.

Liquidity slightly advanced on the HoSE, with matching value reaching VND532.5 billion ($25.7 million). Put-through value helped total liquidity reaching VND757.9 billion ($36.6 million), with 41.5 million shares changed hands.

HNX’s liquidity stayed low. Just 32.1 million shares worth VND308.1 billion ($14.9 million) were traded on the northern bourse.