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Vietnam stocks jump on gov't measures
Vietnamese stocks rose sharply on Monday with strong buying demand after the government announced measures late last week to support domestic companies.
Foreigners bought 141.81 billion dong ($6.78 million) worth of stocks and sold shares valued at 100.52 billion dong in the Ho Chi Minh Stock Exchange, the exchange said.
VN INDEX
+2.10 percent at 486.31 points.
Volume of shares traded: 100.55 million shares.
Value of shares traded: 1.80 trillion dong.
Largest gainers, largest losers
HNX INDEX
+3.10 percent at 83.79 points.
Volume of shares traded: 99.38 million shares.
Value of shares traded: 1.10 trillion dong.
Largest gainers, largest losers
Analyst comments
Tran Minh Hoang, analyst, Vietcombank Securities:
"Stocks rose strongly thanks to the government's new policies to support domestic enterprises, including applying a 15 percent ceiling on lending rates for four major sectors.
"In addition, the market expects monthly inflation rate in May to be less than 0.5 percent, which will be a prerequisite for a further interest rate cut, possibly later this month or early next month.
"Stocks may correct later this week but the market's medium-term outlook is positive. The VN Index could hit 495 points this week."
Dinh The Loi, director of brokerage and advisory, Bao Minh Securities:
"Positive news that Vietnam's government has announced measures to aid businesses and to apply the ceiling on lending rates was major drivers that pushed stocks up strongly today.
"The market's sentiment is optimistic. Cash inflows are stable. If the VN Index hits 490 points tomorrow, stocks are likely to correct. However, the medium-term upward trend is firm."
Giang Trung Kien, head of analysis, FPT Securities:
"Stocks jumped steeply thanks to following elements:
"Firstly, demand-stimulus packages are worth 29 trillion dong via tax concessions. Secondly, the central bank capped lending rates for some sectors.
"Stocks could hit strong resistance levels at 512 points in the main market and 85 points in the Hanoi exchange."
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