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Shares rise following credit reassurances
Heavy buys in the final minutes of yesterday’s session on the HCM City Stock Exchange lifted the VN-Index by 14.72 points to a close of 434.2, a gain of 3.51 per cent.
The value of the day’s trades remained low at VND877.7 billion (US$49.3 million), although the figures still represented an increase of 27.7 per cent from Wednesday’s session. Volume was 24.17 million shares, with foreign investor accounting for 5.2 million of the overall total.
On the Ha Noi Stock Exchange, the HNX-Index yesterday also rallied by 5.53 per cent to close at 147.55, with 182 of 194 listed shares posting big gains.
Volume on the northern bourse doubled that of Wednesday’s session to 20.1 million shares, worth a total of VND615.9 billion ($34.6 million). Foreign investors accounted for 833,300 shares worth of this volume.
Sacombank (STB) remained the most active share on the HCM City Stock Exchange, with 4 million traded, while Asia Commercial Bank (ACB) was most favoured in Ha Noi, with a volume of 3.4 million shares.
Seeking to explain yesterday’s rally, Nguyen Hong Quan, a veteran trader in Ha Noi, commented, "The central bank clarification of its recent actions regarding tightening credit helped console investors."
Viet Nam Banking Association general secretary Duong Thu Huong had also reassured Dau tu Chung khoan (Securities Investment) newspaper that people and enterprises could access bank loans, even to finance securities or property investments.
"There has been no reason for the excessive worry," said Huong.
Late Wednesday, the central bank also confirmed that no additional Treasury bonds would be issued to compete with the stock market for available capital, as had been rumoured.
Nguyen Ngoc Bao, director of the State Bank of Viet Nam’s monetary policy department, said that administration of the monetary system was public and transparent, and that present policy was flexibly oriented to address the current economic situation.
Nguyen Minh Tuan, an analyst with a Ha Noi-based securities firm, said that the market needed a few more sessions to confirm any trends. "The trend would rely greatly on credit flows on the domestic market and the movement of US Dow Jones."
Tuan suggested day traders continue to wait out the current market turmoil, while urging long-term investors to focus on real estate development and industrial shares.
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