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SCIC to trade via multiple brokers
The State Capital Investment Corporation (SCIC) has been authorised to open accounts with multiple securities companies in order to pipeline money into the stock market more efficiently and with fewer market-distorting effects.
The authorisation represents an exception from the provision of the Law on Securities limiting all individual and institutional investors to stock market trading through a sole account opened with a single stock brokerage.
SCIC official Nguyen Hong Hien said that the exception would help avoid premature disclosure of SCIC buy-ins by spreading them over multiple accounts.
He would not release the names of the securities firms with which SCIC has opened trading accounts.
SCIC deputy director Le Song Lai said those investment portfolios, and the amount of money that SCIC spent to buy shares, would be adjusted flexibly to direct money into the stock market in the most beneficial way.
“We will release information on SCIC trading at appropriate times,” Lai said, pledging that SCIC would do its utmost to ease the shortage of capital from its position as a financial organisation.
“Thanks to more open Government policies, we expect the stock market will improve soon, with the combined effort of listed companies, other financial organisations and investors,” Lai said.
To secure shares at the best price, SCIC would also be allowed to buy shares under the negotiation method along with buying through the standard method of order matching, Hien noted.
SCIC is Viet Nam ’s sovereign wealth manager, the official entity assigned to manage State capital freed up by the equitisation of State-owned enterprises. Up to now, it has reinvested the funds directly into other enterprises, so last week represented the first time SCIC has moved to invest in shares via the stock market.
Since the public announcement last week that SCIC would become a stock market player, the Viet Nam-Index had enjoyed a three-day rally. The rally ended on March 11, but the market ticked up again on March 12, with the Viet Nam-Index gaining 0.81 percent to end the day at 643.9.
VNA
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