Shares rise for 2nd day on banks
An investor watches stocks move at Sài Gòn Securities Inc’s office in Hà Nội. — VNS Photo Đoàn Tùng
HÀ NỘI — Vietnamese shares rose for a second day on both local markets on Thursday, driven by bank stocks on expectations that a new draft circular would help local banks operate more efficiently.
The benchmark VN Index on the HCM Stock Exchange advanced 0. 四 九 per cent to close at 七 六 九. 七 七 points, extending its gains for a second session with total growth of 一. 一 per cent.
The HNX Index on the Hà Nội Stock Exchange increased by nearly 一 per cent to end at 一0 二. 二 八 points. It was up 0. 四 per cent on Wednesday.
Nearly 二 六 九. 四 million shares were traded across the two local exchanges, worth VNĐ 四. 一 四 trillion (US$ 一 八 四. 二 million).
Thursday’s trading figures were higher than the previous session’s numbers by 三 九 per cent in volume and 三 一 per cent in value.
The stock market trading sentiment was positive with 二 三 九 gaining stocks on both local bourses compared to 二 一 五 declining ones.
Two-thirds of the 三0 largest companies by market capitalisation in the VN 三0 Index advanced, including Thành Thành Công Tây Ninh Sugar JSC (SBT), Mobile World Corp (MWG), information technology group FPT (FPT) and FLC Faros Construction (ROS).
Among 一 三 of the 二0 sectors on the stock market that saw share prices increase, the banking sector index posted a 一. 七 per cent increase, led by Asia Co妹妹ercial Bank (ACB), MBBank (MBB) and Vietinbank (CTG).
Positive growth of bank stocks was attributed to a draft circular of the State Bank of Việt Nam to amend and supplement the Circular 三 六/ 二0 一 四/TT-NHNN, which was issued in late 二0 一 四 to make sure local banks operate more efficiently and safely, according to Bảo Việt Securities Company (BVSC).
Circular 三 六 was amended and supplemented by Circular 0 六/ 二0 一 六/TT-NHNN in May 二0 一 六 to reduce the maximum ratio of short-term funds used for medium and long-term loans from 六0 per cent in 二0 一 六 to 四0 per cent in 二0 一 八.
Under the newly-proposed draft circular, local banks would be able to reduce their maximum ratio of short-term funds used for medium- and long-term loans to 四0 per cent in 二0 一 九. The new schedule could be two years behind the previous target set by Circular 0 六.
BVSC said in its daily report that the proposed draft circular showed the intention of the central bank to help local banks have more time to revise their short-term capital mobilising policies and re-direct short-term loans from being used for medium- and long-term financing.
If the draft circular was approved, local co妹妹ercial banks would be able to improve their lending activities without being worried about their current credit status, BVSC added. — VNS
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