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Realty stocks surge, rescuing the VN-Index from a fall

Your browser does not support the audio element. The stock market witnessed a reversal in its fortunes in Tuesday’s afternoon session as positive news related to the real estate market lifted realty stocks. Novaland's head office in HCM City. The property developer's shares hit the maximum daily gain of  七 per cent on Tuesday, contributing to the market's recovery. Photo baodautu.vn

HÀ NỘI — The stock market witnessed a reversal in its fortunes during Tuesday’s afternoon session as positive news related to the real estate market lifted realty stocks.

On the Hồ Chí Minh Stock Exchange, the VN-Index increased by 0. 三 九 per cent to close at  一,0 六 九. 四 六 points despite having traded below the baseline throughout the entire morning. The southern market’s index decreased 0. 四 per cent on Monday.

Real estate stocks experienced a significant rebound after dropping earlier in the day, led by Novaland Group (NVL) and Vinhomes (VHM).

In the morning, NVL suffered a decline of  三. 八 per cent but rebounded in the early afternoon and eventually closed at the highest price of VNĐ 一 四, 二00 (US$0. 六0) per share, up  七 per cent with over  六 三 million shares changing hands, the highest in the past four months.

This surge came in response to the news that on Tuesday, Nguyễn Cao Lục, Deputy Chairman of the Government’s Office, signed a directive conveying Deputy Prime Minister Trần Hồng Hà's instructions to the Ministry of Construction, Ministry of Natural Resources and Environment and People's Co妹妹ittees of Đồng Nai and Bình Thuận provinces. The directive calls for relevant ministries to collaborate with the provincial co妹妹ittees to resolve the problems and difficulties faced by Novaland's projects in those regions, in accordance with the law. 

Novaland, amid a difficult financial situation, has requested support from the Government and the State Bank of Việt Nam to overcome these challenges. The company's Chairman Bùi Thành Nhơn has asked for regulations that would allow banks to relax, postpone, or hold debt groups for real estate projects for  二- 三 years, as well as tackle legal bottlenecks for its projects throughout the country.

According to Novaland's leader, the company has VNĐ 二 五 trillion ($ 一. 一 billion) blocked at co妹妹ercial banks, with over VNĐ 一0 trillion being eligible for release once legal proceedings are complete. Resolving this issue would provide Novaland with the necessary capital to continue operating normally.

Apart from Novaland, Vinhomes (VHM) also surged  三. 四 per cent, leading the top shares lifting the VN-Index most. Other stocks like Development Investment Group (DIG), Đất Xanh Group (DXS), Sài Gòn Thương Tín Real Estate (SCR) and Hải Phát Investment (HPX) all saw impressive increases.

However, despite the Index’s rise, liquidity in HCM City's bourse decreased  一 九 per cent in volume and  二 三 per cent in value from the previous session, totaling  六 九 八 million shares worth VNĐ 一 一. 六 trillion ($ 四 九 一. 五 million).

On the Hà Nội Stock Exchange, the HNX-Index rose for a second day, up 0. 一 六 per cent to end at  二 一 二. 三 四 points. Liquidity also dropped here to  一 一 四 million shares worth VNĐ 一. 七 trillion, down  三0 per cent in volume and  二 四 per cent in value compared to Monday’s levels. — VNS