Local stocks fly high on strong cash flow
Investors watch stock prices at the HCMC-based Viet Dragon Securities Corporation. As the strong cashflow was channeled into the local market, local stocks made a rebound and staged an impressive performance today, July 22 – PHOTO: TRAN LINH
HCMC – As the strong cashflow was channeled into the local market, local stocks bounced back and staged an impressive performance today, July 22.
The benchmark VN-Index gained 22.88 points, or 1.8% against the previous session at 1,293.67, with up to 308 winners and 79 losers. Market turnover on the southern bourse improved over 18% in volume and 6% in value over the session earlier at more than 536 million shares and over VND17 trillion, including some VND2 trillion worth of shares transacted in block deals.
Only low-cost carrier VJC in the VN30 basket moved sideways while the rest in the basket closed in positive territory.
Property and construction stocks turned impressive performers in the afternoon phase, with housing developer KDH stealing the limelight as it surged 7% with nearly 15 million shares changing hands.
Among largecaps in the real estate sector, all members in the Vingroup family bounced back such as VRE rising 2.9%, VHM adding 2.8%, and VIC improving 2.1%. Other largecaps in the field such as NVL, PDR, and TCH each increased over 1%.
As for small and medium property stocks, a host of them soared to their ceiling prices such as SCR, IJC, DIG, ASM, SZC, BCG, and CRE. Other stocks of the group made strong gains, with DXG soaring 6.6%, ITA expanding 6%, NTL rising 5.9%, and LDG inching up 5.2%.
Property developer FLC added 1.4% and led the HCMC market by liquidity with over 27.77 million shares traded. Construction firm ROS also gained 2%.
Aside from well-performing bluechips in the property sector, many other bluechips comprising tech firm FPT, insurer BVH, gas firm GAS, and jewelry maker PNJ closed on an upbeat note, with each up over 2%.
Trading on the northern bourse became more positive in the afternoon phase as well. The HNX-Index added 5.17 points, or 1.72% compared to the previous session at 305.97, with 143 advancers and 56 decliners.
Similar to the HCMC market, many property stocks of the Hanoi market were winners. CEO maintained its ceiling prices while IDC, HUT, and DXS extended rally and expanded 2.7-6.8%.
Many largecaps staged better performance than they did in the morning phase, with petroleum stock PVS soaring 5.7% and being the most actively traded stock on the northern bourse with over 10.89 million shares transacted.
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