Real Estate Stocks Hit Rock Bottom, Yet VN-Index Reaches New Highs

Today (January 9th), the VN-Index soared to a new peak, nearing the 1,870-point mark, driven by the strong performance of blue-chip stocks, notably state-owned banks. Conversely, a wave of sell-offs hit real estate stocks, sending many plummeting to their floor prices.

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Today’s trading session highlighted a stark divergence in market performance. The VN-Index surged by over 12 points, nearing the 1,870-point milestone, yet the majority of stocks closed in the red. The benchmark index’s upward momentum was primarily driven by state-owned banks, while the real estate sector plunged, with numerous stocks hitting their lower limits.

VN-Index edges closer to the 1,870-point mark.

The standout performer was the banking sector, particularly state-owned banks. Following VCB’s ceiling-hit in the previous session, investor focus shifted to BID on January 9th.

BIDV shares skyrocketed by 6.97%, reaching the upper limit with over 2.8 million buy orders at the ceiling price, marking its third consecutive day of robust gains. Meanwhile, VCB continued its ascent with a 6.8% increase, and CTG rose by 6.7%, both witnessing vibrant trading activity with order-matching values reaching trillions of dong.

The trio of VCB, BID, and CTG alone contributed over 16 points to the VN-Index, essentially shouldering the entire index’s gain for the session. Additionally, MBB and TCB rose by 2.63% and 1.81%, respectively, further solidifying the banking sector’s leadership role. However, this optimism wasn’t uniform across the sector, as several other bank stocks experienced notable declines, including VPB (-3.42%), HDB, and STB (both down over 3%), along with LPB, EIB, and ACB facing downward pressure.

In stark contrast to the banking sector, real estate stocks emerged as the market’s most significant underperformers. Numerous stocks plummeted, with some hitting their lower limits, such as TCH, HHS, PDR, SGR, DXS, CII, and BII. Leading industry players also saw substantial losses, with NVL down 5.64%, DXG dropping 6.06%, and DIG, QCG, and BCR all experiencing sharp declines. Speculative capital showed signs of shifting focus.

This weakness extended to mid-cap stocks, affecting the majority of the group and exacerbating the “green shell, red core” phenomenon, despite the overall index’s upward movement.

At the close, the VN-Index rose by 12.34 points (0.67%) to 1,867.9 points. The HNX-Index fell by 2 points (0.8%) to 247.10 points, while the UPCoM-Index gained 0.25 points (0.2%) to 121.83 points.

Liquidity remained robust, with HoSE trading value exceeding 38 trillion dong. Foreign investors continued their net buying streak, acquiring over 787 billion dong worth of stocks, focusing on VCB, VHM, MBB, BID, CTG, BSR, VIC, and TCB.

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