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VietNamNews

Shares rebound on deposit rate cut

Update: October, 29/2014 - 09:44
An investor watches market fluctuations on the VNDirect stock trading floor. — VNS Photo Viet Thanh

HA NOI (VNS) — Stocks rebounded from nearly two-month lows as the central bank announced a reduction in the deposit interest rates ceiling from tomorrow onwards.

The market was still sluggish in the morning after former chairman of Ocean Group (coded OGC) and Ocean Bank was arrested late last week on suspicion of lending fraud.

However, news of the deposit rate cut lifted investor sentiment.

The State Bank of Viet Nam yesterday decided to cut the ceiling rates on short-term Vietnamese dong deposits from 6 per cent to 5.5 per cent and dollar deposits from 1 per cent to 0.75 per cent.

On the HCM City Stock Exchange, the benchmark VN-Index closed at 583.13 points, an increase of 0.40 per cent over Monday. Meanwhile, the VN30, which tracks the top 30 shares by market value and liquidity, improved 0.62 per cent to end at 618.99 points.

Ocean Group (OGC) slumped 6.86 per cent to settle yesterday at VND9,500 a share. It remained the most active code with 14.6 million shares.

Liquidity continued to improve as both market volume and value rose above 10 per cent over the previous session, totaling 116.5 million shares worth VND1.932 trillion (US$91.6 million).

On the Ha Noi Stock Exchange, the HNX-Index grew by a more substantial 1.07 per cent to finish the session at 85.27 points.

The market volume decreased 11 per cent to reach 52.4 million shares while value of trades dropped 16 per cent to VND656 billion ($31.1 million).

KLF Joint Venture Global Investment Co (KLF) and PetroVietnam Construction Corp (PVX) led the market volume yesterday with each having over 6 million shares traded.

KLF rose 0.93 per cent to close at VND10,900 per share while PVX soared 7.27 per cent to end at VND5,900 each.

Foreign investors became net buyers on both exchanges, picking up combined shares worth VND37.3 billion ($1.8 million). — VNS

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