Sun. Apr 21st, 2024

Property shares soare despite sluggish trading

HA NOI (VNS)- Real estate stocks jumped this morning following the State Bank of Viet Nam’s announcement of the draft decree offering on loans for low-income earners to buy houses. However, trading was still sluggish on both stock exchanges.

According to the decree, which is expected to come into force from April 15, low-income earners can apply for loans at a preferential interest rate of just 6 per cent per year in order to buy a home. The total support amount for this programme reaches around VND30 trillion (US$1.43 billion), which will be disbursed until 2016.

Thu Duc Housing Development (TDH) and An Duong Thao Dien JSC (HAR) are being being traded at the ceiling price while others such as Tan Tao Investment Industry (ITA), Licogi 16 (LCG), Hoang Quan Corp (HQC) and Kinh Bac City Development (KBC) all gained between 2-3 per cent.

ITA was also the most active code this morning on the HCM City Stock Exchange with trades of 2.87 million shares, valued at VND7,700 each.

However, overall trading was sluggish on both national stock exchanges.

The benchmark VN-Index on the HCM City exchange fluctuated strongly and closed flat at 473.16 points with just 30 million shares, worth VND419 billion ($20 million), traded by the end of this morning.

The VN30 tracking the top 30 shares on the Southern bourse was up 0.06 per cent at 543.26 points.

On the Ha Noi bourse, the HNX-Index declined slightly by 0.02 per cent to 61.42 points with trading value reaching just VND210 billion ($10 million).

Two property shares, PetroVietnam Construction (PVX) and Sacomreal (SCR), are leading trades here with more than five million shares changing hands on each code. SCR rose 2.4 per cent to VND8,500 a share while PVX edged up 1.8 per cent to VND5,800 each.

Trading will resume at 1pm. – VNS

By vivian