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VietNamNews

Blue-chips lift both VN indices

Update: June, 16/2012 - 06:22

 

Investors follow transactions at Rong Viet Security Trading Floor in HCM City. — VNA/VNS Photo Pham Hau
HA NOI — Shares rose yesterday with improved market value and volume, as Deputy Prime Minister Nguyen Xuan Phuc announced that the State budget would contribute around VND21 trillion (US$1 billion) per month into the nation's economy via fiscal measures during the remaining months of this year.

In addition, monthly credit growth was projected to reach 2 per cent in the latter half of the year to reach an aggregate of 12-13 per cent by the end of this year – a target which would correspond to roughly VND50 trillion ($2.3 billion) pumped into the market each month.

Overall, an average of VND70 trillion ($3.3 billion) of new liquidity per month would be added to the economy through the rest of the year.

Meanwhile, interbank rates have fallen to 6.5 per cent, and many commercial banks have lowered deposit rates, increasing the chances that businesses will be able to access affordable credit.

"In the first week since imposing a new ceiling on interest rates and new monetary policies, deposit interest rates have made significant progress," commented analysts for the financial information website vietstock.vn.

On the HCM City Stock Exchange yesterday, the VN-Index gained 1.8 per cent to close the session at 433.09 points. The value of trades reached VND1.3 trillion ($61.9 million). Advancers outnumbered decliners by 176-64.

Blue chips climbed, helping lift other shares. Up to 80 per cent of the 30 leading shares rallied, with 10 hitting their ceiling prices, including real estate developers Tan Tao Investment Industry (ITA), Development Investment Construction (DIG) and Becamex Infrastructure Development (IJC), as well as PetroVietnam Finance (PVF).

The VN30 Index gained by over 1.5 per cent overall to stand at 507.94 points.

Sacombank (STB) was the most-active share on the southern bourse with 12.6 million traded. However, it lost 3.6 per cent to stand at VND21,500 per share.

Minister of Finance Vuong Dinh Hue has asked the State Securities Commission to report on violations of disclosure regulations surrounding the takeover deal involving STB and Eximbank (EIB). Mandatory disclosures were only made by major Sacombank shareholders after transactions related to the deal had been completed, raising doubts on the market.

On the Ha Noi Stock Exchange, gainers overwhelmed losers, helping push the HNX-Index up by 0.8 per cent to finish yesterday at 74.84 points. Volume climbed by 51 per cent to over VND564 billion ($26.8 million), as around 53.9 million shares changed hands.

PetroVietnam Construction Co (PVX) was the most-active share yesterday on a volume of 8.9 million, before closing up by 2.9 per cent.

Looking ahead, analysts continued to see benchmark indices moving below their resistance levels of 443 and 77 points. — VNS

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