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State corporation buys shares listed on both bourses
The State Capital Investment Corporation (SCIC) announced it has bought shares of enterprises listed on both the Ho Chi Minh Stock Exchange and the Hanoi Securities Trading Centre on March 7.
SCIC said it has selected to buy shares of companies with effective business operations, and high liquidity. In addition, in order to help bolster the stock market, the SCIC has also bought stocks which will have positive effects on the performance of the stock market while ensuring the effectiveness of SCIC operations.
The decision on investment portfolios, volume, prices and timing of purchases will be made in a flexible manner, depending on the market situation, complying with the government’s directives and current legal regulations.
Detailed information on SCIC’s stock trading will be made public at a suitable time in order to avoid speculation which could harm investors and have a negative effect on the market.
News on SCIC’s purchase of stocks has had an immediate strong influence on the domestic stock market which had earlier dropped sharply over a long period of time.
The market closed with sharp gains at both bourses on March 7, marking the second day of the rises on the back of SCIC’s share purchase news.
The SCIC was established by the State to receive and re-allocate state capital in restructured state-owned enterprises. It currently holds shares in more than 800 enterprises, many of which already listed on the stock market.
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