Cash flow runs into real estate stocks

Real estate stocks became a magnet to cash flows on Vietnam's stock exchanges on Tuesday, attracting hundreds of billions to one trillion Vietnamese dong each (VND1 billion = $42,600).

Notably, over VND1.17 trillion ($49.8 million) flowed into NVL of Novaland, pushing its market price to the ceiling level of VND15,600 ($0.66) per share, an increase of 6.8% from the previous session and the highest since the beginning of the year.

Many other property tickers also recorded high transaction values such as DIG of DIG Corp., VHM of Vinhomes, and HQC of Hoang Quan Corp. This group witnessed 12 codes hitting their ceiling prices.

Money was also poured into the materials, banking and financial groups, pusing up the prices of their stocks. HPG of steel maker Hoa Phat gained 2%, with trading value of nearly VND860 billion ($36.6 million), ranking second on the HoSE, only after NVL.

The VN-Index, which represents the HoSE, rose 6.44 points, or 0.58%, to 1,122.46, with up to 233 gainers and 145 losers.

The major bourse saw over 943 million shares changing hands for VND17.4 trillion ($740.3 million), an increase of 14% from the previous session.

The VN30 index, which tracks the performance of 30 largest-cap stocks, rose 5.76 points to 1,115.39, with 16 tickers rising and 10 losing.

Foreign investors were net buyers on the HoSE for the third session to the tune of VND180 billion ($7.66 million). They mainly net purchased HPG, MSN of Masan Group, and EIB of Eximbank.

The HNX-Index on the Hanoi bourse increased 0.88 points to 230.25, while the UpCOM-Index on the unlisted public company market inched up 0.47 points to 85.