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Bank shares rise after forex adjustment
Cash flowed into bank stocks this morning after the State Bank of Vietnam increased the US dollar exchange rate by one per cent, from VND21,246 per dollar to VND21,458.
On the HCM Stock Exchange, except Vietcombank (VCB) which lost 1.8 per cent, other bank shares such as Vietinbank (CTG), Eximbank (EIB), Military Bank (MBB) and the Bank for Investment Development of Vietnam (BID) rose between 0.8 and 1.5 per cent.
However, uncertain prospects of the impact of the forex adjustment on the stock market made the overall trading atmosphere sluggish this morning.
The benchmark VN-Index added more than one point, or 0.2 per cent, to end the morning's session at 550.74 points. Meanwhile, the VN30, which tracks the top 30 shares by market value and liquidity, inched up 0.15 per cent to close at 607.29 points.
Nearly 62.5 million shares worth more than VND1 trillion (US$46.7 million) were traded.
Financial conglomerate Ocean Group (OGC) was the most active stock, with 4.4 million of its shares being exchanged at VND7,300 per share.
On the Ha Noi Stock Exchange, the HNX-Index rallied 0.48 per cent to close at 84.21 points, but the trading value was low at just VND457 billion ($21.4 million).
KLF Joint Venture Global Investment Co (KLF) continued to lead the trading here, with 5.7 million of its shares being traded at VND11,500 per share.
The afternoon session will start at 1pm.
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