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Bonds fall on speculation foreigners cutting holdings
Vietnam's five-year bonds Monday fell for a third day on speculation foreign investors are cutting holdings on concern about the global financial crisis.
The yield on the benchmark five-year note rose 7 basis points to 16.1 percent, according to a daily fixing price from 10 banks compiled by Bloomberg.
A basis point is 0.01 percentage point and yields move inversely to prices.
“Foreign investors keep selling bonds these days because of their concern about the financial crisis in many countries,” said Huynh Thi Thanh Van, Ho Chi Minh City-based head of the capital-markets division at Sacombank Securities Co.
The dong fell 0.09 percent to VND16,605 versus the dollar as of 5 p.m. in Hanoi, according to data compiled by Bloomberg.
The State Bank of Vietnam set Monday’s reference rate at VND16,519 per dollar, compared with VND16,518 on October 10, according to its website. The currency is allowed to trade by 2 percent on either side of the official level.
Thanhnien
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