Vietnam index rises 0.9 pct on funds purchase, talks

Reuters

Email Print

Vietnam index rises 0.9 pct on funds purchase, talks
Vietnam's benchmark VN Index climbed 0.92 percent to close near its one-week high as funds boosted share prices ahead of their year-end reports and on market talks of a potential delay in capping loans for stock investments.
The market rebounded from early declines as investors sought cheap shares after the index fell below the support level of 530 points, and as funds placed buy orders at high prices before closing their portfolios' net asset value reports at the end of 2014, analysts said.
Sentiment also picked up on market talks that the central bank may delay implementing a circular that will limit banks' lending for stocks investment.
The circular, in effect as of Feb. 1, 2015, is aimed at controlling margin trading on Vietnam's' frontier equity market but it could have been hurting liquidity in recent weeks, analysts and traders said.
Property firm Vingroup led the risers to gain 1.28 percent, followed by Hanoi-based Vietcombank, the country's top lender by market value, that rose 0.95 percent.
The VN Index is ending 2014 with an annual gain of around 5 percent, on track to be the second worst performer in Southeast Asia after leading the region with a growth of 22 percent last year.
Both Vietnam's stock exchanges will be closed for New Year holidays on Jan. 1-2 and resume trading on Jan. 5.
Here is a snapshot of the VN Index at the close (0801 GMT).
VN Index
537.57
PREV. CLOSE 532.68
% CHANGE 0.92%
HIGH
537.57
LOW 526.61
Change (%) 1-mnth -5.983
Change (%) 3-mnth -11.187
Change (%) 1-year 5.188
52-week high 644.56
3-Sep-14
52-week low 499.49
31-Dec-13
 

More Business News