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VN shares jump, led by banks
Vietnamese shares rose on both local bourses yesterday, led by the financial sector after it was announced that a large amount of bad loans were sold to the Viet Nam Asset Management Corporation during the third quarter.
The benchmark VN Index on the HCM Stock Exchange gained 1.9 per cent to close at 574.15 points and the HNX Index on the Ha Noi Stock Exchange was up 0.5 per cent to end at 80.14 points.
Financial stocks rose after the Viet Nam Asset Management Corporation (VAMC) announced on its website that it hadbought VND43.3 trillion (US$1.9 billion) of non-performing loans from local financial institutions during the third quarter.
Viet Nam's biggest bank by market capitalisation, Vietcombank (VCB), surged 5.6 per cent while BIDV (BID) gained 2.4 per cent and Vietinbank (CTG) jumped 2.8 per cent after investors received the information.
Stocks were also boosted by market rumors that the Government has drafted an outline of rules and regulations regarding the sale of state-owned stakes in some of Viet Nam's largest companies to foreign investors.
"Investment flocked into those companies on expectations that the Ministry has developed a new document that allows foreign investors to raise their capital in those companies" said Nguyen Xuan Binh, Bao Viet Securities Corporation's Deputy Head of Market Analysis.
The stocks that benefited from this information included Bao Viet Holdings (BVH), which surged 6.3 per cent, Vinamilk (VNM) which jumped 4.2 per cent, and FPT Corporation (FPT) and Thanh Cong Textile Garment Investment Trading JSC (TCM) which gained 6.8 per cent each.
In addition, investors also expected that the market on Monday reached its bottom after having declined for over a month, Binh said. On Monday, the VN Index reached 563.62 points, a decrease of 8.4 per cent since November 5 and the HNX Index declined by 2.6 per cent to 79.72 points over the same period.
That expectation helped increase the market trading compared to Monday. Both local bourses traded more than 173 million shares worth VND2.5 trillion ($112.3 million), an increase of 37 per cent from Monday's trading value.
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