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State Bank rate cut boosts shares   2008-11-05 - Viet Nam News

The State Bank's decision on Monday to cut the prime interest rate helped spur both the HCM City and Ha Noi stock markets to impressive gains yesterday.

In Ha Noi yesterday, the HASTC-Index bounced back strongly, gaining 5.76 per cent, or 5.76 points, to close at 118.64.

The VN-Index added 12.80 points, or 3.67 per cent, to close at 361.44.

The HCM City bourse saw 143 gainers, including most blue chips, such as Sai Gon Securities Inc (SSI), Sacombank (STB) and Binh Dinh Minerals (BMC).

"The State Bank decision to lower the prime rate to 12 per cent encouraged investors to buy more, along with easing pressure amidst the protracted global credit turmoil," opined Vincom Securities Co analyst Phan Anh Tuan.

The cut helped raise investor confidence by assuring them that listed firms would have easier access to credit from commercial banks, added Tuan.

Of major shares, only Petro Vietnam Finance (PVFC), which issued additional shares on Monday, saw its shares drop to the bottom of the daily regulated trading band.

A number of investors at SME Securities Co attributed the decline to many investors who moved to cut their losses after having acquired PVFC shares on the over-the-counter (OTC) market, only to see the share value stall.

Trading in PVFC shares reached 2.33 million, contributing to total market volume of nearly 18.9 million shares, an increase of 14.56 per cent over Monday's volume. Other active shares included STB, with 3.94 million shares, along with Phu My Fertilisers (DPM) and Cable and Telecom Materials (SAM), each with fewer than a million shares traded.

Market turnover reached VND534.53 billion (US$31.81 million), representing a rise of 11.85 per cent over Monday's session.

In Ha Noi yesterday, the HASTC-Index bounced back strongly, gaining 5.76 per cent, or 5.76 points, to close at 118.64. The northern bourse saw 7.75 million shares change hands, for a total value of VND204.06 billion ($12.15 million).


Other Banking News

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TN, Agencies - VN-Index rises as central bank cuts rates   2008-11-05

State bank cuts prime rate to 12 percent   2008-11-03

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