ASEAN KEY DESTINATIONS
Trading rules changed on Vietnamese bourses
Investor confidence improved strongly on news that the Ministry of Finance had issued a long-awaited circular allowing margin trading, multiple brokerage accounts and intra-day trading, effective August 1.
"Creating new products that enhance flexibility and investor convenience are significant to the stock market in the long term," said the head of analysis and consultancy for Hoa Binh Securities Co, Nguyen Phuc Thinh, adding that the news today inspired yesterday's positive reaction on the market.
However, Thinh said, market gains or declines were not necessarily caused by any single factor but were a combination of many elements including economic conditions, demand, earnings, and investor pyschology.
The VN-Index, the benchmark measure of the HCM City Stock Exchange, climbed 3.42 percent to close yesterday's trading at 450.59 points.
The value of trade rose 17 percent over Wednesday's session to VND681.3 billion (US$33 million), with over 34.3 million shares changing hands. Gainers dominated the board, with 65 per cent of codes reaching their maximum daily gain of 5 percent.
Seven of the 10 leading shares by capitalisation hit their ceiling prices for a second day, including insurer Bao Viet Holdings (BVH), Vietinbank (CTG), software provider FPT, real estate developers Hoang Anh Gia Lai (HAG) and Vincom (VIC), food products conglomerate Masan Group (MSN), and PetroVietnam Finance (PVF).
Sacombank (STB) became the most-active share on the southern bourse, with 1.87 million shares traded, before closing up 1.7 percent to VND12,000 per share.
On the Hanoi Stock Exchange, the HNX-Index surged by another 3.23 per cent to close at 74.05 points. Value rose by 5 percent to VND300.4 billion ($14.6 million) on a volume of 28 million shares.
Gainers outnumbered decliners by 284-46, with 201 codes hitting their ceiling prices.
Securities shares posted the day's strongest gains, with shares of Bao Viet Securities (BVS), Au Viet Securities (AVS), VNDirect Securities (VND) and Kim Long Securities (KLS) all soaring. KLS was the most-active share on the northern bourse, with nearly two million traded.
Foreign investors continued to be net buyers in HCM City, picking up a net of VND27 billion ($1.3 million) worth of shares, but they were net sellers in Ha Noi of a net of VND6.8 billion ($330,600) worth of shares.
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