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Stock market makes u-turn after gov’t intervention
A sudden adjustment by Vietnamese authorities has nudged the VN-Index up by 37.24 points, 4.6% higher than yesterday to close at 846.07 this morning while the HASTC-Index in Ha Noi managed to climb up 19.83 points, up 7.46% to close at 285.63.
This is the strongest rise for nearly a year after the VN-Index plummeted yesterday to the lowest rate over last year.
More stocks enjoyed an increase in buy orders, especially two big caps - Sacombank (STB) and Phu My Fertilizer and Chemicals (DPM).
At the Ho Chi Minh bourse, 144 stocks gained, 135 of which hit new intraday. There were 9.67 million sell orders which quickly found clients, leaving only 200,000 on the bourse.
In Ha Noi, 118 shares rose up while two newly-listed stock codes enjoyed high prices.
The sudden bullish sentiment was attributed to measures by the State Securities Commission and the State Bank of Viet Nam to limit supplies on the two bourses besides easing up on securities-mortgaged loaning.
Moreover, the central bank is planning to buy in US dollars to stabilize the Forex and help pump more domestic currency into the market.
VNN
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