Shares rose on both of the nation's stock exchanges on Sept. 7, with theHanoi bourse recording particularly strong gains. The HNX-Indexrose by over 4 percent to close at 76.75 points.
On the Hanoi Stock Exchange on Sept. 7, advancers neverthelessoutnumbered decliners by a five-to-one margin, and half of all codessoared to their ceiling prices, including Kim Long Securities (KLS), thenation's most-active share with over 7 million traded.
The value of trades jumped by 35 percent to nearly 697.6 billion VND(33.5 million USD), with almost 64 million shares changing hands.
On the HCM Stock Exchange, meanwhile, the VN-Index closed up about 1.8percent over Tuesday's session to nearly 444 points. The overall valueof trades in HCM City was essentially unchanged from the dayprevious, totalling 704.4 billion VND (33.9 million USD) on a volume of44 million shares.
In HCM City , 75 codes rose by the daily maximum of 5 percent.
On Sept. 7's strong gains surprised many analysts, since no newinformation had been released that would support a rise in share values.While the State Bank of Vietnam met on Sept. 7 morning withrepresentatives from 12 major commercial banks, no results from themeeting had been reported while trading was still underway.
Market insiders also suggested that nothing earth-shattering wouldresult from the meeting, which was still focused on controlling creditgrowth, capping interest rates and foreign exchange rate management.
The prospect of lower interest rates was feasible since many banks havemoved to reduce lending rates to 17-19 percent per year to supportstruggling enterprises, Bao Viet Securities Co analyst Pham Van Khoawrote in a report.
"Although the scales of those creditpackages are relatively small, about 2-3 trillion VND (96-144 millionUSD) for each bank, the beneficiaries will be small- and medium-sizedenterprises operating in agriculture, manufacturing and exports," Khoawrote./.
On the Hanoi Stock Exchange on Sept. 7, advancers neverthelessoutnumbered decliners by a five-to-one margin, and half of all codessoared to their ceiling prices, including Kim Long Securities (KLS), thenation's most-active share with over 7 million traded.
The value of trades jumped by 35 percent to nearly 697.6 billion VND(33.5 million USD), with almost 64 million shares changing hands.
On the HCM Stock Exchange, meanwhile, the VN-Index closed up about 1.8percent over Tuesday's session to nearly 444 points. The overall valueof trades in HCM City was essentially unchanged from the dayprevious, totalling 704.4 billion VND (33.9 million USD) on a volume of44 million shares.
In HCM City , 75 codes rose by the daily maximum of 5 percent.
On Sept. 7's strong gains surprised many analysts, since no newinformation had been released that would support a rise in share values.While the State Bank of Vietnam met on Sept. 7 morning withrepresentatives from 12 major commercial banks, no results from themeeting had been reported while trading was still underway.
Market insiders also suggested that nothing earth-shattering wouldresult from the meeting, which was still focused on controlling creditgrowth, capping interest rates and foreign exchange rate management.
The prospect of lower interest rates was feasible since many banks havemoved to reduce lending rates to 17-19 percent per year to supportstruggling enterprises, Bao Viet Securities Co analyst Pham Van Khoawrote in a report.
"Although the scales of those creditpackages are relatively small, about 2-3 trillion VND (96-144 millionUSD) for each bank, the beneficiaries will be small- and medium-sizedenterprises operating in agriculture, manufacturing and exports," Khoawrote./.
