VN-Index back in the green as real estate stocks rally

Many major real estate stocks rallied Tuesday, helping Vietnam’s benchmark VN-Index rebound into the green.

NVL of Novaland Group, VHM of Vinhomes and PDR of Phat Dat Real Estate Development JSC were in the red after at-the-open (ATO), but attracted cash flows later to close in the green.

The positive development spread from large-cap to small- and medium-cap real estate stocks, with LDG of Long Dien Group, DIG of Construction Investment and Development JSC, and CII of HCMC Infrastructure JSC hitting their ceiling prices, without sellers.

SCR of Sai Gon Thuong Tin Real Estate JSC and DXG of Dat Xanh Group gained over 6%.

In addition to real estate stocks, banking, consumer goods and airline groups also did well, spurring the VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), to gain more than 12 points and close above 1,063 points, the highest level in two weeks. The southern bourse saw 306 gainers and 144 losers.

Cash flow into the stock market also improved when compared to the first session of the week, with a trading volume of over VND10.1 trillion ($413.25 million) on the HoSE. Real estate ranked third among groups with the most shares changing hands, after finance-banking and industry.

Despite the market gaining, the top three stocks in term of trading value - HPG of Hoa Phat Group, DGC of Duc Giang Chemicals Group and SSI of Saigon Securities Inc - were all losers.

After seven consecutive sessions of net buying, foreign investors turned net sellers Tuesday. They sold nearly VND1.27 trillion ($51.96 million) worth of shares, mainly of HPG. Their purchasing value was VND30 billion ($1.23 million) less than their selling value.