MoF moves to stabilise stock market

The Ministry of Finance (MoF) said it will take a number of measures to help bolster the stock market, including allowing foreign investors to buy auctioned shares in foreign currencies.

Vietnam’s securities market experienced a sharp drop, with VN-Index being at 811.61 points on January 29 after it reached 1,041.33 points on the January 31, 2007 trading session.

According to Minister of Finance Vu Van Ninh, other measures include rescheduling initial public offering (IPO) by joint stock firms and helping them select strategic partners.

At the press briefing on January 29, the minister said, a decision on the limit of loans for securities trading will be considered.

Earlier, the MoF rescheduled the IPO of Hanoi Beer, Alcohol and Beverage Corporation (Habeco) and the Industrial and Commercial Bank (Incombank) to stabilise the market.

However, Ninh said, the adjustment on the stock market following a period of overheated development is necessary to make securities prices return to their true value.

VOV

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