Stocks tracked US and European markets last week, retreating in the eary sessions but rebounding later in the week.
At a cabinet meeting last week, Deputy Prime Minister Vu Van Ninh affirmed that the Government had assigned the Ministry of Finance to launch restructuring schemes for the securities market.
Government Office director Vu Duc Dam also urged the central bank to take action to reduce interest rates, and the bank's deputy governor, Nguyen Dong Tien, suggested it might happen since inflation appeared to be cooling.
However, Kim Eng Securities Co analyst Phan Dung Khanh said that the stock market would only make a significant recovery if these promises became reality.
Maritime Bank Securities Co analyst Tran Quoc Hoan was even more pessimistic, suggesting the market would continue to see a declining trend.
Rather than wait on central action, the capital city of Ha Noi announced its own stimulus package last week, a programme to subsidise lending interest rates at just 2.4 per cent per year for manufacturing enterprises in key industries, agricultural processors with earnings last year of VND300 billion (US$14 million) or more, and enterprises with over 1,000 employees.
On the HCM City Stock Exchange last week, the VN-Index closed on Friday at 383.88 points, advancing a mere 0.15 per cent over the previous week's close. The average daily value of trades slowed a little to VND424.8 billion ($20 million) as volume averaged 28 million shares per session.
In contrast to the previous week, real estate shares played the most important role in saving the Index from further losses, while shares of steelmakers and banks, including Vietinbank (CTG), Eximbank (EIB) and Vietcombank (VCB), all slumped.
On the Ha Noi Stock Exchange, the HNX-Index slid by nearly 0.4 per cent from the previous Friday, concluding the week at 61.18 points. A heavy sell-off of shares caused trading value to reach VND234.4 billion ($11 million), an increase of nearly 21.9 per cent over the previous week .
While blue chips and securities stocks managed to gain, penny stocks dived. Financial stocks, excluding banking shares, increased by 1.7-2.5 per cent, while bank shares shed an average of 2.7 per cent of their value.
(source: VNS)
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05/12/2011 04:21:18 PM | 