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Shares soar on news of tax relief
Stocks rose during afternoon trading Monday as stronger buys pushed total market value on both national stock exchanges to nearly VND3 trillion (US$143 million).
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Source: VietstockFinance
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On the HCM City Stock Exchange, the VN-Index gained another 2.1 per cent to close at a one-year high of 486.31 points. Half of all codes rose by the maximum daily limit of 5 per cent. Volume decreased 7 per cent from Friday's level to 100.5 million shares, but the value of trades rose 5 per cent to over VND1.8 trillion (US$85.7 million).
"The market is supported by a significant amount of positive news now," FPT Securities Co analysts wrote in a report yesterday. The Ministry of Finance has just proposed a business bailout package in forms of tax exemptions and reductions worth a total of VND25 trillion ($1.19 billion), while the central bank late last week decided to cap lending rates at 15 per cent per year in several sectors, they wrote.
Advancers overwhelmed decliners by 243-36. Of the 30 leading shares by market capitalisation and liquidity, 20 rallied, with nine soaring to the ceiling. The VN30-Index closed 1.8 per cent higher at 552.3 points. Without positive news yesterday, Sao Mai Construction Corp (ASM) surprised the market by becoming the most-active share with over 6.5 million traded. ASM closed up 4.5 per cent to VND25,800.
On the Ha Noi Stock Exchange, meanwhile, the HNX-Index also jumped 3.1 per cent yesterday to finish at 83.79 points. The value of trades totalled VND1.1 trillion ($52.4 million), down 35 per cent from Friday, while volume decreased just 2 per cent to nearly 99.4 million shares.
After sharholders of Sai Gon-Ha Noi Bank (SHB) approved the bank's takeover of Habubank (HBB) on Saturday, HBB shares rose to their ceiling price of VND6,600 a share after three sucessive falling sessions last week. SHB also soared to its ceiling of VND11,300.
SHB chairman Do Quang Hien said the share swap to complete the merger was expected to conclude in June at a ratio of 1:0.75, after which time the HBB code would be delisted. SHB would not use its capital surplus to make the exchange, so the reference price would not be adjusted downward after the swap date, Hien said
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