Real estate stocks main support for VN-Index gain

The rally of real estate stocks helped Vietnam’s benchmark VN-Index keep the green on Tuesday, inching up 0.81 points, or 0.07%, to 1242.23.

The Ho Chi Minh Stock Exchange (HoSE), represented by the index, saw 242 gainers and 238 losers, with nearly 1.2 billion shares changing hands for VND23.3 trillion ($977.25 million), down 12% from the previous session. Half of the sum flowed into finance, real estae and industry groups.

Blue chips were the main force hindering the VN-Index increase, as their VN-30 index went down 2.87 points to 1,247.81, with up to 18 tickers declining.

Property, consumer goods and oil and gas stocks became the fulcrum for the market as VIC, VRE of Vincom Retail and MSN of Masan Group being the three biggest contributors with increases of 4.85%, 4.7%, and 1.13% respectively.

Notably, VIC saw its market price increase 30% after seven sessions thanks to its completion of necessary documents for the initial public offering (IPO) of its electric vehicle maker VinFast in the US.

Other gainers in the real estate group were HPX of Hai Phat Invest and ITA of Tan Tao Investment and Industry Corp., both hitting their ceiling prices.

The banking, securities, energy and retail codes closed in the red while tickers of manufacturing firms saw a divergence.

Foreign investors continued to be net sellers on the HoSE to the tune of VND240 billion ($10.1 million). They mainly net sold GMD of Gemadept Corp. and VRE.

The HNX-Index at the Hanoi Stock Exchange went up 0.39 points to 246.07, while the UPCoM-Index at the Unlisted Public Companies Market rose 1.07 points to 93.64 points.