Property stocks drive VN-Index up

By Dat Nguyen   May 10, 2023 | 12:56 am PT
Property stocks drive VN-Index up
An investor looks at stock prices on a smartphone at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Most property stocks ended in the green Wednesday, some even hit the ceiling, helping VN-Index closed 0.43% higher at 1,058.26 points and reached the highest since April 13.

NVL of property developer Novaland Group and PDR of Phat Dat Real Estate Development closed 2.7% and 2.2% higher, respectively, and both were among the biggest contributors to VN-Index’s gain this session.

Many other property stocks closed 1-4% higher, except for VIC of private conglomerate Vingroup and AGG of An Gia Real Estate Investment and Development, which stood unchanged.

Brokerage Dong A said in a recent note that investors can consider buying property stocks as there have been positive news on untying knots in project development.

Trading on the Ho Chi Minh Stock Exchange (HoSE) increased by 19.49% to VND11.16 trillion ($475.50 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 18 tickers gain.

GVR of Vietnam Rubber Group led with a 4.3% increase, followed by MWG of electronics retail chain Mobile World, up 2.8%.

NVL of property developer Novaland Group and STB of Ho Chi Minh City-based lender Sacombank both rose 2.3%.

Eight blue chips fell, with GAS of state-owned Petrovietnam Gas posting the biggest decline at 1%.

Foreign investors were net sellers to the tune of VND27.16 billion, mainly selling CTG of state-owned lender VietinBank and VPB of private lender VPBank.

The HNX-Index at the Hanoi Stock Exchange, where mid and small caps list, was up 0.92% while the UPCoM-Index at the Unlisted Public Companies Market was up by 0.64%.

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