Shares rose on both of the nation's stock exchanges on Sept. 7, with the Hanoi bourse recording particularly strong gains. The HNX-Index rose by over 4 percent to close at 76.75 points.
On the Hanoi Stock Exchange on Sept. 7, advancers nevertheless outnumbered decliners by a five-to-one margin, and half of all codes soared to their ceiling prices, including Kim Long Securities (KLS), the nation'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 1.8 percent over Tuesday's session to nearly 444 points. The overall value of trades in HCM City was essentially unchanged from the day previous, totalling 704.4 billion VND (33.9 million USD) on a volume of 44 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 new information had been released that would support a rise in share values. While the State Bank of Vietnam met on Sept. 7 morning with representatives from 12 major commercial banks, no results from the meeting had been reported while trading was still underway.
Market insiders also suggested that nothing earth-shattering would result from the meeting, which was still focused on controlling credit growth, capping interest rates and foreign exchange rate management.
The prospect of lower interest rates was feasible since many banks have moved to reduce lending rates to 17-19 percent per year to support struggling enterprises, Bao Viet Securities Co analyst Pham Van Khoa wrote in a report.
"Although the scales of those credit packages are relatively small, about 2-3 trillion VND (96-144 million USD) for each bank, the beneficiaries will be small- and medium-sized enterprises operating in agriculture, manufacturing and exports," Khoa wrote./.
On the Hanoi Stock Exchange on Sept. 7, advancers nevertheless outnumbered decliners by a five-to-one margin, and half of all codes soared to their ceiling prices, including Kim Long Securities (KLS), the nation'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 1.8 percent over Tuesday's session to nearly 444 points. The overall value of trades in HCM City was essentially unchanged from the day previous, totalling 704.4 billion VND (33.9 million USD) on a volume of 44 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 new information had been released that would support a rise in share values. While the State Bank of Vietnam met on Sept. 7 morning with representatives from 12 major commercial banks, no results from the meeting had been reported while trading was still underway.
Market insiders also suggested that nothing earth-shattering would result from the meeting, which was still focused on controlling credit growth, capping interest rates and foreign exchange rate management.
The prospect of lower interest rates was feasible since many banks have moved to reduce lending rates to 17-19 percent per year to support struggling enterprises, Bao Viet Securities Co analyst Pham Van Khoa wrote in a report.
"Although the scales of those credit packages are relatively small, about 2-3 trillion VND (96-144 million USD) for each bank, the beneficiaries will be small- and medium-sized enterprises operating in agriculture, manufacturing and exports," Khoa wrote./.