Shares retreated on July 9 on both of the nation's stock exchanges. On
the HCM Stock Exchange, the VN-Index closed down 1.76 percent to 408.12
points, while the value of trades slowed to just 444.5 billion VND (21
million USD). Volume was a mere 32 million shares.
None of the 30 leading shares tracked by the VN30 Index managed to post
gains, and the VN30 declined by nearly 1.7 percent to end the session at
482.49 points. Property developers Dic Corp (DIG) and Quoc Cuong Gia
Lai (QCG), financial companies Ocean Group (OGC) and PetroVietnam
Finance (PVF), and Vinh Son-Song Hinh Hydropower Co (VSH) all bottomed
Ninh Van Bay Travel Real Estate Co (NVT) was the
most-active share in HCM City with around 1.9 million shares
changing hands before it plunged to its floor price of just 4,200 VND
On the Hanoi Stock Exchange, the HNX-Index also
tumbled by 1.47 percent to 68.20 points. The value of trades declined
11 percent from the previours level to 261.7 billion VND (12.4
million USD), while volume dropped to 27.6 million shares. Losers
overwhelmed gainers by 191-53.
On its first day, the new
HNX30 Index, which tracks the northern bourse's 30 best stocks, lost 3.6
percent of its value to close at 127.34 points.
VNDirect Securities Co (VND) was the most-active share nationwide with over 3.1 million exchanged.
The State Bank of Vietnam reported that credit growth as of June 30
had totalled just 0.76 percent since the end of last year. While export
credit increased by 12.63 percent and loans to support industries also
grew by 7.13 percent, credit for small- and medium-sized enterprises
continued to decline by 13.7 percent, with many small businesses still
facing difficulties accessing loans.
Hoang Van Dung, vice
president of the Vietnam Chamber of Commerce and Industry, urged new
measures to help small business. "We should establish credit guarantee
funds to open up greater access to capital," Dung suggested.
He also advocated a reduction in administrative procedures and greater
efforts to prevent corruption in order to minimise costs for
enterprises, as well as more technology transfers to make production