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Banks up on higher foreign stakes
Prices of bank shares rose yesterday after the release of Decree 01/2014/ND-CP on lifting foreign ownership in Vietnamese credit institutions.
According to the new regulation, a foreign strategic partner can hold 20 per cent in domestic banks, up from 15 per cent as set out in Decree 69/2007/ND-CP.
As institutional investors, foreign organisations are allowed to own up to 15 per cent, while a foreign individual can own a maximum of 5 per cent. The total foreign ownership will be retained at 30 per cent.
After the news, prices of seven listed bank stocks increased between 0.6-2.4 per cent. Only Nam Viet Bank (NVB) finished the session unchanged.
On the HCM City Stock Exchange, the VN-Index added 0.2 per cent to 510.12 points.
Trading value improved to VND1.18 trillion (US$55.6 million) with nearly 74.4 million shares transacted.
The 30 leading shares tracked by the VN30 Index were mixed: 12 stocks tumbled, 14 others added value, and the remaining closed unchanged. The index rose 0.33 per cent to 568.15 points.
On the Ha Noi Stock Exchange, the HNX-Index ended 0.9 per cent higher to reach 69.47 points. Meanwhile, blue chips performed well, boosting the HNX30 Index to 131.49 points and gaining 1.35 per cent.
A volume of around 43.3 million shares, valued at VND405.2 billion ($19.1 million), was exchanged.
Selling pressure gradually increased towards the end of yesterday's session, pulling down the momentum seen earlier in the morning.
Many speculative stocks lost ground, such as Saigon Securities Inc (SSI), construction and real estate companies PetroVietnam Construction (PVX), Tan Tao (ITA), Hoang Quan (HQC), Hoang Anh Gia Lai (HAG) and Becamex Infrastructure (IJC).
PVX was the most heavily trade stock, with more than 5 million shares changing hands.
Foreign investors were net buyers on both bourses, purchasing a combined margin of VND37.1 billion ($1.75 million).
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