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Shares rise as Circular 13's fate settled
Shares advanced steadily on the two stock exchanges today as the central bank's final decision about Circular 13 sparked investor optimism.
The State Bank of Viet Nam's (SBV) decision published late last night allows the banks to lend 25 per cent of their non-term deposits and count State Treasury and three-month, or longer, loans with other credit institutions as part of their reserves.
The decision is expected to provide the banks with more capital.
But the other changes the bank made to the SBV's circular intended to govern bank reserves remain and will come into effect on Friday.
The central bank also decided to hold the prime interest rate at 8 per cent for the 11th consecutive month.
In HCM City, the VN-Index closed up 1.1 per cent to 455.13.
Market value increased by 10 per cent to more than VND1 trillion (US$53.8 million) on a volume of almost 39 million shares exchanged.
Advances outnumbered declines by 150-57.
Sacombank (STB) rose as the most active stock on the southern bourse with over 3 million shares changing hands. STB climbed for a second successive day and was up 1.2 per cent to VND17,000 ($0.87).
Of the 10 largest capitalised shares, nine posted gains in value and insurer Bao Viet Holdings (BVH) and property developer Vincom (VIC) rose to their ceiling price.
In Ha Noi, the HNX-Index also advanced by 0.18 per cent to close at 130.17.
In all, 34.6 million shares worth almost VND981.6 billion ($50.3 million) - an increase by 39.5 per cent in volume and nearly 60 per cent in value.
Gainers outnumbered losers by 156-104
An Phat Plastic and Green Environment Co (AAA) surprised the market as it rose as the most active share nation wide with 4.5 million shares exchanged. AAA declined by 6.94 per cent to VND54,900 ($2.82).
Of 10 leading shares by capitalisation, seven advanced. Only one - SHB Securities (SHS) declined - and two - PetroVietnam Insurance (PVI) and Sai Gon-Quy Nhon Mining (SQC) - remained unchanged.
Viet Capital Securities Co analysts said investors had now stopped fussing about the fate of Circular 13 and expected that positive third-quarter economic data would lift the market.
VIetnamnews
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