Monday, December 11 2017

VietNamNews

Bank, real estate stocks lift indices

Update: April, 13/2012 - 09:31

HA NOI — Stocks were led by bank and real estate companies yesterday as they continued to soar on both national exchanges.

Following positive news on interest rate cuts and eased credit for the real estate sector on Wednesday, many shares in these two sectors hit their daily limit rise of 5 per cent yesterday, including HCM City Infrastructure Investment (CII), Tan Tao Investment Industry (ITA), Song Da Urban&Industrial Zone Investment and Development (SJS), and Khang Dien House Trading (KDH).

Sacombank (STB) and Sai Gon-Ha Noi Bank (SHB) also rose to their ceiling prices, while others such as Eximbank (EIB), Vietinbank (CTG), Vietcombank (VCB), Military Bank (MBB), Asia Commercial Bank (ACB) and Habubank (HBB) all increased from 1.7-4.1 per cent.

HBB led trades nationwide yesterday with 26.6 million shares changing hands while MBB was the most active stock in HCM City on a volume of 10.2 million shares.

"The market is being supported in both the short – and long-terms," stock analysts at PetroVietnam Securities Inc wrote in a report, arguing that the exclusion of the real estate sector from the lending restriction list, as well as the likelihood of decreased risk ratios on loans for the real estate and securities sectors, would encourage money to flow in these fields.

The State Bank of Viet Nam is planning to lower the risk ratios of loans on real estate and securities investments from 250 per cent to 150 per cent, and increase the lending ratio on banks' capital mobilisation from 80 per cent to 95 per cent.

On the HCM City Stock Exchange, the VN-Index gained another 1.42 per cent to close yesterday's session at 465.26 points.

Value of trades increased 13 per cent over Wednesday to VND1.76 trillion (US$83.8 million) on a total volume of 106.5 million shares.

Twenty of the 30 leading shares by market value and liquidity rallied, lifting the VN30 Index 1.83 per cent to 537.28 points.

On the Ha Noi Stock Exchange, the HNX-Index finished yesterday 1.33 per cent higher at 78.54 points.

Both trading volume and value jumped 24 per cent, totalling 122 million shares, worth nearly VND1.19 billion ($56.6 million).

Foreign investors continued to buy in HCM City, picking up shares worth VND68 billion ($3.2 million), but they remained net sellers in Ha Noi by unloading VND3.43 billion ($163,000) worth of shares. — VNS

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