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VietNamNews

Shares react to leaders' meeting

Update: December, 20/2012 - 09:30

 

HA NOI (VNS)-
Shares reversed previous day's losses to add value during yesterday's session.

On the HCM City Stock Exchange, the VN-Index gained 1.3 per cent to reach 398.59 points.

Market value jumped 44.3 per cent compared to Tuesday's level, rising to VND939.2 billion (US$44.7 million) as trading volume increased 38.5 per cent to 72.6 million shares.

The VN30, tracking the city's top 30 shares, also rose nearly 1.5 per cent to 467.12 points. Twenty-three of these stocks rallied, while only four retreated.

On the Ha Noi Stock Exchange, the HNX-Index put on 1.8 per cent, reaching 54.93 points as gainers tripled losers.

The value of trades increased slightly to VND363.1 billion ($17.2 million) on a volume of more than 59 million shares.

The index to represent Ha Noi bourse's leading shares – HNX30 – closed the session 2.56 per cent higher, reaching 103.39 points.

Real estate shares enjoyed the strongest rebound yesterday with more than 40 codes hitting the increase limit and 22 increasing out of 92 listed property stocks.

The market reacted positively to a two-day meeting between Prime Minister Nguyen Tan Dung and leaders from HCM City and Ha Noi to find solutions for troubles in the property market and address bad debts.

During the meeting, State Bank Governor Nguyen Van Binh pledged to spend VND100-150 trillion ($4.7-7.1 billion) to handle bad debts, especially those related to real-estate, in the second and third quarter next year.

At the same time, the Government also promised to use VND20 trillion ($1.9 billion) to support housing buyers to obtain reasonable interest rates of about 8 per cent for a five to 10-year period.

Prime Minister Dung agreed it was time to reduce interest rates. As the Ministry of Planning and Investment reported, the consumer price index would rise below 0.5 per cent this month, the year's index would therefore be 7 per cent, he said.

"This is sufficient to lower interest rates," he said. — VNS

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