|Investors watch market movements at Bao Viet Stock Trading Floor in Ha Noi. — VNS Viet Thanh
HA NOI (VNS)— Shares yesterday failed to retain gains in Ha Noi but reversed to add value in HCM City.
On the HCM City Stock Exchange, the VN-Index closed 1.24 per cent higher to 483.99 points.
However, trading value plunged 66 per cent over yesterday's morning session to just VND508 billion (US$24.1 million). Around 30 million shares changed hands.
Of the 30 leading shares by capitalisation and liquidity tracked by the VN30, over half managed to grow, pushing the index up more than 1 per cent to 543.99 points.
On the Ha Noi Stock Exchange, the HNX-Index dropped 0.4 per cent, finishing the session at 58.95 points.
Market value continued to decline by 40.8 per cent to just VND143.5 billion ($6.8 million) on a volume of 18.5 million shares.
The HNX30, composed of the northern city's top shares, tumbled by 0.84 per cent, reaching 110.13 points.
However, the recent two sessions have shown more positive signs than the previous period. The information on tax incentives for businesses is hoped to boost the stock market in the coming trading days.
According to the draft amendment for the Law on Corporate Income Tax, which will probably take effect in July, the general tax for enterprises will be 22 per cent compared to the current 25 per cent rate. Notably, income tax applicable to small- and medium-size firms will be 20 per cent.
The draft also suggests that a common rate of 20 per cent tax be imposed from 2016. National Assembly chairman Nguyen Sinh Hung also said there should be a long-term road map for tax reduction, which could see a decrease to 18 per cent by 2020.
Meanwhile, world oil prices continued to fall, especially during the last two trading sessions last week and early this week.
On the Singaporean market, where Viet Nam uses its price as the base price, Ron92 petrol was around $114 a barrel, $5 lower than April 9 when the Ministry of Finance reduce the domestic price by VND500. This creates the possibility of another reduction.
BIDV Securities Co analysts said stock indices were in a short-term rally, which could end if the VN-Index reached 490 points. "We do not recommend buys at present."
Today is the last trading day of the week. The market is closed tomorrow for a national holiday. — VNS