Vietnamese shares rose for a second day on both local markets on August 24, driven by bank stocks on expectations that a new draft circular would help local banks operate more efficiently.
Shares rise for 2nd day on banks (Illustrative image. Source: VNA)
Hanoi (VNA) -Vietnamese shares rose for a second day on both local markets on August 24,driven by bank stocks on expectations that a new draft circular would helplocal banks operate more efficiently.
The benchmark VN Index onthe Ho Chi Minh Stock Exchange advanced 0.49 percent to close at 769.77 points,extending its gains for a second session with total growth of 1.1 percent.
The HNX Index on the HanoiStock Exchange increased by nearly 1 percent to end at 102.28 points. It was up0.4 percent on August 23.
Nearly 269.4 million shareswere traded across the two local exchanges, worth 4.14 trillion VND (184.2million USD).
August 24’s trading figureswere higher than the previous session’s numbers by 39 percent in volume and 31 percentin value.
The stock market tradingsentiment was positive with 239 gaining stocks on both local bourses comparedto 215 declining ones.
Two-thirds of the 30largest companies by market capitalisation in the VN30 Index advanced,including Thanh Thanh Cong Tay Ninh Sugar JSC (SBT), Mobile World Corp (MWG),information technology group FPT (FPT) and FLC Faros Construction (ROS).
Among 13 of the 20 sectorson the stock market that saw share prices increase, the banking sector indexposted a 1.7 percent increase, led by Asia Commercial Bank (ACB), MBBank (MBB)and Vietinbank (CTG).
Positive growth of bankstocks was attributed to a draft circular of the State Bank of Vietnam to amendand supplement the Circular 36/2014/TT-NHNN, which was issued in late 2014 tomake sure local banks operate more efficiently and safely, according to Bao VietSecurities Company (BVSC).
Circular 36 was amended andsupplemented by Circular 06/2016/TT-NHNN in May 2016 to reduce the maximumratio of short-term funds used for medium and long-term loans from 60 percentin 2016 to 40 percent in 2018.
Under the newly-proposeddraft circular, local banks would be able to reduce their maximum ratio ofshort-term funds used for medium- and long-term loans to 40 percent in 2019.The new schedule could be two years behind the previous target set by Circular06.
BVSC said in its dailyreport that the proposed draft circular showed the intention of the centralbank to help local banks have more time to revise their short-term capitalmobilising policies and re-direct short-term loans from being used for medium-and long-term financing.
If the draft circular wasapproved, local commercial banks would be able to improve their lendingactivities without being worried about their current credit status, BVSCadded.-VNA
Vietnam’s benchmark VN Index remained fragile on August 21, losing its positive momentum as investors remained cautious over the current market downtrend.
Vietnam's benchmark VN Index advanced on August 23 from a two-day decline as investors were attracted to cheaper stocks after the market’s recent drops.
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Shares rise for 2nd day on banks (Illustrative image. Source: VNA)
