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SBV debt pledge fails to rally shares
Shares failed to retain earlier gains Friday on both stock exchanges despite the State Bank of Viet Nam's (SBV) latest move to curb bad debts.
The Dai Doan Ket newspaper quoted State Bank Chief Inspector Nguyen Huu Nghia as saying the bank would bring the bad debt ratio in the system down to 3 per cent by 2015 and accelerate financial restructuring plans.
However, Nghia also admitted that SBV had identified more weak banks this year.
He said the restructure of these banks was complicated due to the abundance of interested parties involved.
"The process will be time-consuming and slower than expected," he told the newspaper.
On the macroeconomic side, the real estate market had not recovered, while the manufacturing sector remained bogged down with slow consumption and a low capacity for paying debts.
"Financial institutions will still face a tough time ahead in handling non-performing loans," Nghia said.
The inspector's comments did not overly influence investors, with the benchmark VN-Index on the HCM City Stock Exchange losing 0.08 per cent to 500.75 points.
Trading value declined around 23 per cent compared to Thursday's level, standing at VND1 trillion (US$47.1 million) as trading volume reached nearly 74.2 million shares.
The VN30, tracking HCM City's top 30 shares, also slid 0.26 per cent to 560.57 points. Among the shares, losers outnumbered gainers by 12 to 7.
Yesterday, the exchange announced the Bank for Investment and Development of Viet Nam (BIDV) had filed for listing more than 2.8 million shares, coded BID.
BIDV conducted an initial public offering in December 2011.
On the Ha Noi Stock Exchange, the HNX-Index finished the day at 61.82 points, falling more than 0.1 per cent.
The value of trades reached only 70.8 per cent of Thursday's session, totalling VND273.6 billion ($12.9 million) on a volume of almost 32.4 million shares.
The HNX30 was the only index to add value yesterday, edging up 0.1 per cent to close at 114.99 points.
Foreign investors maintained their buying trend, concluding yesterday's session as net sellers by a margin of VND59.4 billion ($2.8 million).
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