Property stock rally drives VN-Index to 10-month high

The VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), soared 15.03 points, or 1.24%, to 1225.98 on Friday, the highest level since September 16, 2022.

The major bourse’s trading value increased by 6.92% to VND23.09 trillion ($972.42 million), with nearly 1.13 billion shares changing hands. Cash flows mainly ran into the real estate group.

There were 343 stocks gaining, 127 losing and 54 going flat on the HoSE.

Blue chips were the main driving force for the VN-Index gain as their VN-30 index skyrocketed 20.62 points, or 1.7%, to 1,231.42, with up to 22 tickers expanding and only seven losing.

Real estate stocks were among the big gainers, with VIC of private conglomerate Vingroup and Novaland hitting their ceiling prices while PDR of Phat Dat Real Estate Development Corp. and VHM of Vinhomes rising 4.9% and 4.8%, respectively.

Many other mid and small caps in this group also enjoyed the maximum increase, including HPX of Hai Phat Invest, HQC of Hoang Quan Corp, HTN of Hung Thinh Land, HU6 of HUD6 Housing & Urban Development Investment JSC, and PLA of Petroleum Logistic Service and Investment JSC.

Banking, oil and gas, securities, chemicals, steel and rubber also closed in the green.

Foreign investors were net buyers on the HoSE to the tune of over VND166 billion ($6.99 million). They mainly net purchased GMD of logistics company Gemadept Corp and MSN of conglomerate Masan Group.

The HNX-Index at the Hanoi Stock Exchange went up 2.64% to 242.41 points, while the UPCoM-Index at the Unlisted Public Companies Market rose 0.68% to 91.7 points.