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Securities watchdog hopes to nudge recovering market further up
The State Securities Commission will soon unveil several measures to boost share trading since the market is showing signs of recovery, a senior official at the securities regulator said.
The SSC is seeking approval from the Ministry of Finance to allow investors to open more than one trading account, Dr. Nguyen Son, Director of the SSC’s Market Development Department, said.
Buying and selling a stock within the same trading day to boost liquidity has been proposed, he said.
The Commission has already allowed the Ho Chi Minh Stock Exchange to reduce the settlement period from T+3 to T+1 in case of transactions of 100,000 shares or more.
The SSC is also considering an additional trading session in the afternoon, Son said. Bloomberg quoted Phan Thi Tuong Tam, Senior Deputy Chief Executive officer of the Ho Chi Minh Stock Exchange, as saying the watchdog may ease regulations this year to attract investors, including an extension in trading beyond the current two hours each weekday morning.
“We also plan to start two new trading floors in June. They will be an exchange for unlisted stocks, known locally as UPCoM, and one for government bonds,” Son said.
Transactions on UPCoM would take place from 10 a.m. to 3 p.m. local time with a two-hour break starting at 11:30 a.m., Bloomberg said, citing a statement on the Hanoi Securities Trading Center’s website.
Some 953 unlisted companies with a combined capital of VND120.3 trillion (US$6.8 billion) have registered with the SSC to trade in the over-the-counter market as of May 1, the commission said on its website.
The VN-Index of 181 shares on the Ho Chi Minh Stock Exchange reached a six-month high of 372.95 Monday. It has risen by more than 19 percent this year.
thanhnien, dtck
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