Prices on both of Vietnam's stock exchanges fell immediately after it became known on Nov. 11 morning that some commercial banks were offering up to 14 percent for yearly dong deposits.
An agreed limit of 12 percent had been set just last week.
The two percent-rise has sparked speculation that interest for loans will now go to a yearly 16-20 percent to offset the high rate paid to savers.
In HCM City , the VN-Index declined more than 1 percent to close at 446.69.
Just 25.2 million shares worth almost 568.7 billion VND (28.4 million USD) were exchanged.
Decliners outnumbered advancers 196-30, of which up to 36 shares dropped to the floor price.
Most blue chips tumbled.
Masan Group (MSN) fell 3.2 percent; Phu My Fertiliser (DPM) and Hoa Phat Group (HPG) 2.3 percent; software FPT Corp (FPT) 2 percent; Ocean Group (OGC) 1.6 percent; and Eximbank (EIB) 1.4 percent.
Of the 10 largest capitalised shares, insurer Bao Viet Holding (BVH) up 0.8 percent, Vietinbank (CTG) 0.5 percent and property developer Vincom (VIC) 1.4 percent were among few shares that rose.
Sai Gon Securities Inc (SSI) – the only listing to have more than 1 million shares exchanged – was the most active stock but fell 0.8 percent to close at just 23,900 VND.
In Hanoi , the HNX-Index lost 2.23 percent of its value to close at 104.79; losers outnumbered gainers more than five to one.
But market volume rose 15 percent to 26 million shares worth more than 463.1 billion VND (23.1 million USD).
Property developer Sacomreal (SCR) dropped to its floor price for the second day since it listed its shares three days ago. It closed at 23,700 VND per share with 1.76 million changing hands – the second most active trading on the northern bourse.
PetroVietnam Construction (PVX) continued to be the most heavily-traded shares nationwide, with 2.15 million shares exchanged.
PVX closed off 1.4 percent at 20,600 VND.
Foreign investors remained to be net buyers on the two exchanges, picking up 67 billion VND (3.3 million USD) worth of shares./.
An agreed limit of 12 percent had been set just last week.
The two percent-rise has sparked speculation that interest for loans will now go to a yearly 16-20 percent to offset the high rate paid to savers.
In HCM City , the VN-Index declined more than 1 percent to close at 446.69.
Just 25.2 million shares worth almost 568.7 billion VND (28.4 million USD) were exchanged.
Decliners outnumbered advancers 196-30, of which up to 36 shares dropped to the floor price.
Most blue chips tumbled.
Masan Group (MSN) fell 3.2 percent; Phu My Fertiliser (DPM) and Hoa Phat Group (HPG) 2.3 percent; software FPT Corp (FPT) 2 percent; Ocean Group (OGC) 1.6 percent; and Eximbank (EIB) 1.4 percent.
Of the 10 largest capitalised shares, insurer Bao Viet Holding (BVH) up 0.8 percent, Vietinbank (CTG) 0.5 percent and property developer Vincom (VIC) 1.4 percent were among few shares that rose.
Sai Gon Securities Inc (SSI) – the only listing to have more than 1 million shares exchanged – was the most active stock but fell 0.8 percent to close at just 23,900 VND.
In Hanoi , the HNX-Index lost 2.23 percent of its value to close at 104.79; losers outnumbered gainers more than five to one.
But market volume rose 15 percent to 26 million shares worth more than 463.1 billion VND (23.1 million USD).
Property developer Sacomreal (SCR) dropped to its floor price for the second day since it listed its shares three days ago. It closed at 23,700 VND per share with 1.76 million changing hands – the second most active trading on the northern bourse.
PetroVietnam Construction (PVX) continued to be the most heavily-traded shares nationwide, with 2.15 million shares exchanged.
PVX closed off 1.4 percent at 20,600 VND.
Foreign investors remained to be net buyers on the two exchanges, picking up 67 billion VND (3.3 million USD) worth of shares./.
