Shares rose strongly in the latter half of the afternoon session, lifting the VN-Index up 1.56 per cent to close Thursday at 1,465.30 points.
|A housing complex by Ba Ria - Vung Tau House Development JSC in Ba Ria - Vung Tau Province. The company's shares hit the ceiling at VND82,600 ($3.59) per share on Thursday. - Photo hodeco.vn |
This was the second rising day of the southern market’s index after a four-session losing streak.
On the Ha Noi Stock Exchange, the HNX-Index advanced for the first time in the past four sessions, up 0.61 per cent to end at 411.8 points.
Bargain efforts pushed many real estate stocks to the ceiling. They were mostly small and mid caps such as An Gia Real Estate Investment and Development (AGG), DRH Holdings (DRH), An Duong Thao Dien JSC (HAR), Ba Ria - Vung Tau House Development (HDC), Hoang Quan Consulting-Trading-Service Real Estate (HQC), Investment and Trading Of Real Estate (ITC), Long Giang Investment & Urban Development (LGL) and Saigon Reai Estate Group (SGR).
On the other side, FLC Group (FLC) slumped for eight sessions in a row. Its shares lost about 50 per cent since January 10 after the scandal of underground trading of its chairman Trinh Van Quyet.
The construction and building materials groups were also big gainers, including shares under construction giant Song Da Group, Vinaconex and Lilama. These were considered speculative stocks at the end of 2021.
In addition, industrial real estate group also climbed. Kinh Bac City Development (KBC), Tan Tao Industry Investment (ITA), Long Hau (LHG), Sonadezi Chau Duc Shareholding Co (SNZ) increased between 3-7 per cent.
With regard to blue chips, the VN-30 which tracks the top 30 largest shares by maket capitalisation and liquidity also increased 0.7 per cent. Big gainers included lender BIDV (BID), up 7 per cent; others such as Vinhomes (VHM), Masan Group (MSN), steelmaker Hoa Phat Group (HPG), Vietinbank (CTG) and VPBank (VPB) and PV Gas (GAS) rose by more than 1 per cent each.
Liquidity declined slightly compared to the previous sessions, totalling nearly 873 million shares worth VND24.8 trillion (US$1.1 billion) traded in the two markets.
According to MB Securities Co (MBS), the gaining momentum will likely spread to the whole market in the coming sessions when the selling pressure in speculative stocks is gradually decreasing.
“In addition, declining market liquidity is also a positive sign, because after a drop of more than 100 points, it is important to see the decrease gradually narrow and the market recover when the selling volume has decreased,” MBS analysts said in a note.
Foreign traders were net sellers for a value of VND156 billion in HCM City’s market while they were responsible for a net buy value of VND21 billion on the Ha Noi’s bourse.