Shares continues to rise, led by steel and property stocks

09:11 | 04/12/2020
The stock market repeated what happened on Wednesday as shares grew more strongly in the afternoon session, led by strong money flows in the steel and property sectors.
shares continues to rise led by steel and property stocks
A production line at Hoa Phat Steel Sheet Co. Steel giant Hoa Phat Group (HPG) leapt 4.4 per cent to VND36,850 (US$1.59) per share yesterday. VNA/VNS Photo Pham Kien

On the Ho Chi Minh Stock Exchange, the VN-Index increased another 0.54 per cent to close Thursday’s session at 1,019.80 points.

The market breadth was positive with 266 stocks rising, 145 declining and 109 closing unchanged.

Towards the end of the session, stocks in the steel and real estate sectors accelerated and lifted the market.

Steel giant Hoa Phat Group (HPG) leapt 4.4 per cent, the highest among the top 30 shares by market value and liquidity (VN30), to VND36,850 (US$1.59) per share.

Pomina Steel (POM) rose 4.3 per cent. This share hit the ceiling price of 7-per-cent growth in the last eight sessions.

In the realty sector, Development Investment Construction Corp (DIG), Song Da Urban & Industrial Zone Investment & Development (SJS), Tan Tao Investment & Industry (ITA), Sao Mai Group (ASM), Saigon Real Estate (SGR) all hit the ceiling prices.

Many blue chips also recovered in the afternoon, with 15 of the VN30 basket gaining value and 11 declining.

Among gainers, VPBank (VPB), Sacombank (STB), Saigon Securities Inc (SSI), FLC Faros Construction (ROS), PV Power (POW) rose by more than 1 per cent, of which the latter rose by the highest 5.6 per cent.

Liquidity decreased with 519 million shares worth VND9.8 trillion ($426.7 million) being traded, down 24 per cent in volume and 30 per cent in value compared to Wednesday’s figures.

“The lasting uptrend is approaching the resistance level of 1,025 points. Investment cash flow maintained the trend to spread into the market with 16 out of 19 industry sectors gaining points,” analysts at BIDV Securities Co wrote in its daily report.

However, as the VN-Index is about to approach the threshold of 1,025 points, investors may consider short-term profit-taking actions on stocks that had a large upside during the recent rally, they said.

On the Ha Noi Stock Exchange, the HNX-Index edged up 0.79 per cent to close the trade at 151.99 points with 60.4 million shares worth VND913 billion being exchanged.

Foreign investors were net buyers on the HCM City’s bourse for a net value of VND448 billion. Meanwhile, they were net sellers on the Ha Noi’s exchange for nearly VND10 billion.

VNA

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