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Regulators meet as shares continue to build on gains
The nation's stock market last week extended an ongoing rally as market watchdogs met to outline regulatory and market restructuring goals for the remainder of this year pursuant to instructions from the Prime Minister and the Ministry of Finance.
At the meeting, State Securities Commission chairman Vu Bang announced that VietFund Management had applied to establish an open-end fund, which VietFund Management general director Tran Thanh Tan has said would invest in the shares tracked by the VN30 Index.
"This is the first such application ever filed with the commission," Bang said, vowing that basic regulations governing this type of fund were forthcoming.
Closing the week on the HCM City Stock Exchange on Friday, the VN-Index reached 439.60 points, adding 3.8 per cent over the previous week's close.
The VN30 also rose by 5.4 per cent to 503.54 points. The value of trades last week soared by 80 per cent over the prior week, averaging VND1.54 trillion (US$73.3 million) per session.
On the Ha Noi Stock Exchange, the HNX-Index rose by 6.9 per cent to 71.72 points.
The average daily value of trades exceeded VND733 billion (nearly $35 million), a 21.7-per-cent increase over the preceding week.
Banking stocks continued to turn in the best performance during past week, with Eximbank (EIB), Sacombank (STB), Military Bank (MBB) and Habubank (HBB) gaining on heavy trades.
A note from VietCapital Securities Co said that, beginning March 19, Sacombank and Military Bank would be included in the Financial Times' FTSE Viet Nam Index, tracked on the London Stock Exchange.
"The adjustment in the list of FTSE stocks will increase the attractiveness of banking shares due to the demand from exchange-traded funds," the note said, with interest in Sacombank and Military Bank likely to push their prices higher on the domestic market.
Securities, construction and real estate shares also continued gaining last week, although profit-taking took a bite out of more speculative stocks in the mining sector.
The market is expected to see some difficulties in today's session as massive volumes of shares traded last Thursday begin to hit investor accounts.
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