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Shares jump on rate cut news
Shares on both national stock exchanges jumped this morning following the news that Vietcombank will cut its deposit interest rate to 6 per cent today and a national asset management company will be established in the near future.
The VN-Index on the HCM City Stock Exchange rose 1.58 per cent to stand at 482.77 points while the HNX-Index on the Ha Noi Stock Exchange grew 1.56 per cent to nearly 60 points.
The positive news buoyed investors, pushing trading values on the two exchanges up strongly this morning.
Value of trades on the HCM City market by the end of this morning was 32 per cent higher than the total value of Friday's session, reaching more than VND530.8 billion (US$25.3 million).
Blue chips led the market rise with the VN30 tracking the top 30 shares on the bourse up 1.37 per cent to 546.73 points, but property developers were the biggest gainers this morning.
Tan Tao Investment Industry (ITA), Kinh Bac City Development (KBC), Licogi 16 (LCG) and Hoang Quan Mekong Corp (HQM) jumped from 5 to 7 per cent. ITA is also the most active code on the southern bourse this morning, with over four million shares exchanged at a value of VND6,800 each.
Meanwhile, teh value of the Ha Noi market soared 59 per cent over Friday's level, totalling VND260 billion ($12.4 million). Shares in Sai Gon - Ha Noi Bank (SHB) led the market trades with nearly 7 million changing hands. SHB gained 3 per cent to be traded at VND6,900 a share.
Trading will resume at 1pm
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