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Shares extend rally on credit growth limit relaxation
Vietnam News - 7/12/2019 1:31:47 PM
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 Shares extended their gains on the nation's two exchanges on Thursday, with the banking sector leading the market following the news that the central bank would relax credit growth limits for some banks this year.
 
The VN-Index on the Hồ Chí Minh Stock Exchange rose for a third day, closing up 0.51 per cent at 978.63 points. It gained 1.3 per cent over the last three sessions.
 
On the Hà Nội Stock Exchange, the HNX-Index was up 0.83 per cent to end at 106.01 points, lifting its three-day rally to 2.1 per cent.
 
A total of 189 million shares worth VNĐ3.74 trillion (US$160.4 million) were traded on the two exchanges, up 3 per cent in volume but down 13.4 per cent in value compared to Wednesday’s figures.
 
Investors eyed banking stocks with 11 of 13 listed lenders on the two exchanges advancing and only two declining. The banking sector rose 2.2 per cent on Thursday, making it the biggest gainer among 25 stock groups tracked by financial website vietstock.vn.
 
Local media reported that many banks said they got the nod from the State Bank of Việt Nam (SBV) to raise their credit growth targets this year. They included Vietnam Prosperity Bank (VPB), which will see its credit growth ceiling raised from 12 per cent to 16 per cent. Techcombank (TCB), Military Bank (MBB) and Asia Commercial Bank (ACB) can raise their limits from 13 per cent to 17 per cent.
 
A Sacombank representative also said the bank was also allowed to increase its lending growth target but declined to specify the number.
 
Prices of these banks’ shares responded positively to the news. Shares of VPB, TCB, ACB and MBB rose by between 1 per cent and 2 per cent. STB inched up 0.4 per cent.
 
Other banks also gained. Shares of Vietcombank (VCB) surpassed its 2008 peak to close at VNĐ74,000 ($3.18) per share, up 2.1 per cent in its fourth gaining session this week. Vietinbank (CTG) gained 2.6 per cent and Bank for Investment and Development of Vietnam (BID) gained 3.2 per cent.
 
Foreign investors were net buyers in the two markets for total net value of nearly VNĐ138 billion ($6 million). Shares of Vietcombank and Vietinbank were also among the top five most heavily traded stocks by foreigners with net buy values of VNĐ31.2 billion and VNĐ19.4 billion, respectively.
 
According to analysts at BIDV Securities Co, the Fed’s signal it would cut interest rates in the future had a positive effect on markets worldwide, including the Vietnamese market. The VN-Index could hit the resistance level of 980 points in the next session. — VNS
 
 
Read original article here
 
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