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Banks bring deposit rates to below 15 percent

In Uncategorized on December 16, 2010 at 10:03 am

Commercial lenders lowered their interest rate on the dong deposits to 15 percent on Dec. 13 in accordance with their pleading at the meeting with the central bank earlier.

(Photo:Minh Tri)

Techcombank was among the first lenders reducing the deposit rate, offering the rate of 13.45-13.95 percent per annum.


The Hanoi-based lender, which is the fifth-largest bank in term of assets, triggered an interest rate race last week when announcing it would offer dong depositor rates as high as 17 percent per year.


Other lenders reacted by pushing their own rates up, some as high as 18 percent.
But these offers were rescinded after the central bank requested them to bring the rates down to prevalent market levels – 14 percent or less.


Asia Commercial Bank, known as ACB, also cut its highest deposit rate to 15 percent per year from 15.2 percent, which was earlier the special offering under its promotional pack titled “Making New Year fortunes”.


The government-run banks made a similar move, with Vietcombank lowering its deposit rate to 14 percent and BIDV cutting its rate to 13.5 percent.


Financial experts said the rate of 15 percent is adequate as lending demand at yearend is increasing sharply. However, they noticed that the current deposit rate would force lenders to raise their lending rates to 17-18 percent per year at least.


Vo Quoc Thang, chairman of the Vietnam Young Entrepreneurs Association, said with the lending rate of 17-18 percent per year, local businesses would struggle to cope with the increasing cost of raw materials and the harsh competition from imported products.


Many firms will be willing to make no profit this year to maintain their business, but this plan will be undone if the high lending rates last long, Thang said.


Many financial experts expected the interest rate would decline further on February as lending demand of local businesses cooled off.


They also said high interest rates will help lenders to separate borrowers. Lenders will offer regular and big clients loans with preferential rates. ACB offered an annual lending rate of 15.5 percent only to businesses.


Some small commercial banks, however, shunned the central bank’s request, keeping the interest rate on dong deposits at more than 15 percent. They said they offered the high rates for big deposits only.


These banks will negotiate the interest rate with clients in a face-to-face meeting only in attempt to avoid the central bank’s penalty.


A deputy general director of a commercial bank, who asked not to be named, disclosed many clients tended to deposit their money in the banks offering the highest rate. “Efforts to keep client from switching their money to other banks have seen many lenders offering the rate of more than 15 percent through negotiating,” he said.

Source: SGGP

Gold prices below VND36 million/tael

In Uncategorized on November 12, 2010 at 1:59 pm

VN-Index sinks below 450

In Uncategorized on November 9, 2010 at 8:51 am

VN-Index plunges below 500 due to investors’ hastiness

In Uncategorized on July 26, 2010 at 3:20 pm

Movements of VN-Index on July 26. (Photo: vietstock.vn)Despite the revival of blue-chip stocks, the Vietnam’s benchmark, VN-Index, dropped below 500 on July 26 as investors lost patience.

The measure of 249 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange declined 0.44 percent, or 2.21 points, to open the week at 498.1.


Trading volume rose slightly over the previous trading session as 42.46 million shares were traded at VND1.23 trillion.


On the index, 56 stocks advanced or treaded water, while 141 fell.


Binh Chanh Construction Investment Shareholding Company (BCI) tumbled 18.23 percent to VND46,200. The company will issue 18,067,000 shares to sell to its current shareholders at a ratio of 3:1 and a price of VND20,000 per share. This is a part of the plan to issue more than 21 million shares, increasing its chartered capital to VND752.6 billion from VND542 billion.


Godaco Seafood Joint Stock Company (AGD) and Nari Hamico Minerals Joint Stock Company (KSS) both sank 4.86 percent to VND35,200 and VND37,200 respectively.


Chuong Duong Beverages Joint Stock Company (SCD) closed down 4.85 percent to VND29,400.


Saigon Thuong Tin Commercial Bank or Sacombank (STB), the sole gainer in banking stocks, topped the list of most active shares by volume with 2.11 million changing hands.


Ocean Group Joint Stock Company (OGC) was behind with 2.05 million shares, followed by Refrigeration Electrical Engineering Corporation (REE) with 1.97 million shares traded.


Baominh Insurance Corporation (BMI) gained 4.86 percent to VND19,400. According to the company’s preliminary business report for first half of this year, its pre-tax profit have climbed to VND103 billion, up 6 percent year-on-year, to reach 54.2 percent of this their goals for the year.


Hoa Binh Construction & Real Estate Corporation (HBC) advanced for the second day, adding 4.84 percent to VND43,300.


The smaller bourse in the north also slumped as Hanoi’s HNX-Index lost 2.29 points, or 1.45 percent, to 155.7 points. Trading volume fell to one-month low as nearly 30 million shares, worth VND873 billion, changed hands.


The UPCoM-Index dipped 0.52 points, to 54.27. A total of 343,800 shares were traded at a value of VND6.05 billion as of 11 am local time.

Source: SGGP

VN-Index sinks below 500

In Uncategorized on July 15, 2010 at 1:11 pm

Movement of VN-Index on July 7. (Photo: Vietstock.vn)

VN-Index, a measure of 246 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange, fell to below the psychologically supportable level of 500 points on July 7 as buying demand failed to prevent stocks from plummeting.


Vietnam’s benchmark finished at 496.91 points, giving up 0.78 percent, or 3.91 points. Around 46.4 million shares changed hands, worth VND1.28 trillion.


Of the index, 56 stocks advanced, 150 retreated, while 44 treaded water.


Saigon Thuong Tin Commercial Bank or Sacombank (STB) was the most actively traded share by volume with 1.87 million changing hands. The company’s shares lost 17.87 percent on July 7, which is its ex-rights date.


Sacombank will close the list of shareholders to new investors by July 9, in order to pay dividends and issue additional shares for current shareholders. It will release 234,512,355 shares, of which 100,505,295 will pay dividends for the year 2009, at a ratio of 15 percent. The rest will be sold at a price of VND12,000 per share with a ratio 10:2.


Société De Bourbon Tay Ninh (SBT) came in next with 1.82 million shares, followed by Thuan Thao Corporation (GTT) with 1.45 million shares.


On July 1, BIDV Financial Investment Joint Stock Company, a major shareholder of Thuan Thao Corporation (GTT) sold 3,470,400 shares, sending its holdings to 81,000, accounting for 0.28 percent of the company’s chartered capital.


Hoa Binh Construction & Real Estate Corporation (HBC) sank 11.31 percent to VND34,500. The company will pay dividends in cash at a rate of 12 percent on August 5. Later, it will issue 1,461,954 additional shares to pay current shareholders’ dividends, at a ratio 10:1.


Idico Urban and House Development Joint Stock Company (UIC) declined for a third straight day, losing 4.97 percent to VND32,500.


Among a few gainers, Binh Duong Construction and Civil Engineering Joint Stock Company (BCE) rose 4.95 percent to VND23,300.


Chang Yih Ceramic Joint Stock Company (CYC) and Saigon Beverages Joint Stock Company (TRI) both shot up 4.9 percent to VND10,700.


Hanoi’s HNX-Index was unsuccessful in protecting its rising trend this trading session, contracting 0.46 percent, or 0.71 points, to 155.09. Trading volume slid over previous day to around 30 million shares, valuing VND868 billion.


The UPCoM-Index climbed 0.6 points to 57.52 as of 11:05 am local time. A total of 821,034 changed hands at VND14 billion.

Source: SGGP

VN-Index corrects but stays below 500

In Uncategorized on July 15, 2010 at 1:11 pm

Movement of VN-Index on July 8. (Photo: Vietstock.vn)Vietnam’s benchmark VN-Index recovered on July 8 as global stock markets rallied. However, it did not surpass the 500 mark over concern that global markets would make sharp correction after big gains.

The shares of 246 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange finished at 498.55 points, climbing 1.64 points, or 0.33 percent.


Low buying demand pushed down liquidity on trading floor to 42.4 million shares, worth VND1.16 trillion.


On the index, 100 stocks gained, 87 fell, and 63 were unmoved.


Sugar producer Société De Bourbon Tay Ninh (SBT), with 1.97 million shares changing hands, took the top spot with most active shares in volume, replacing Saigon Thuong Tin Commercial Bank or Sacombank (STB), which came in second today with 1.59 million shares.


PetroVietNam Transportation Corporation (PVT) followed with 1.28 million shares traded.


Construction and Materials Trading Joint Stock Company (CNT) advanced for second consecutive day, gaining 4.95 percent to VND33,900.


From July 9 to September 9, Tran Cong Quoc Bao, deputy general director of Construction and Materials Trading Joint Stock Company (CNT), registered to sell 20,000 shares, reducing his holdings to 15,610 shares, claiming personal financial need.


Godaco Seafood Joint Stock Company (AGD) rose 4.94 percent, going from VND38,500 to VND40,400.


Electronic consumer products manufacturer Son Ha International Corporation (SHI) added 4.9 percent.


Ha Tien Transport Joint Stock Company (HTV) capped its winning streak of seven straight trading sessions, losing the maximum allowed limit of 5 percent to fall to VND22,800.


Dinh Vu Port Investment & Development Joint Stock Company (DVP) fell 4.89 percent to VND38,900.


Cao Thi Thuy Van, wife of Pham Hong Minh – member of Board of Directors of Dinh Vu Port Investment & Development Joint Stock Company (DVP), sold 2,000 shares between May 5 and June 5 without making an announcement.


Danang Construction Building Materials and Cement Joint Stock Company (DXV) gave up 4.87 percent.


Hanoi’s HNX-Index gained 0.49 points, or 0.32 percent, to end at 155.58. Trading volume was just around 27.12 million shares, worth VND851.22 billion.


The UPCoM-Index of the unlisted shares shrunk 1.81 points to 54.99 as of 11 am local time. A total of 468.557 shares were traded at a value of VND8.36 billion.

Source: SGGP

Stocks slump below 500

In Uncategorized on March 31, 2010 at 10:56 am

Vietnam benchmark’s VN-Index slipped off the 500-point mark on March 31 under selling pressure. Liquidity fell 12 percent in quantity and 11 percent in value over the previous day.

The shares of 215 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange tumbled 0.29 percent, or 1.48 points, to close at 499.24. Total trading volume dropped to 52.3 million shares, worth more than VND2 trillion.


Among the index members, 107 fell, 68 gained and 45 were flat.


Decliners on the southern bourse were led by South Logistics Joint Stock Company (STG), which closed down 4.96 percent to VND32,600; HCMC-based Seafood Joint Stock Company No4 (TS4); and Long Giang Investment and Urban Development Joint Stock Company (LGL) located in Hanoi.


Vietnam Export Import Commercial Joint Stock Bank, or Eximbank (EIB), topped the list of most active shares in volume with 3.87 million shares trading at VND23,400, up 0.43 percent. Nam Viet Corporation (ANV) came next with 1.99 million shares, followed by Cables and Telecommunications Material Joint Stock Company (SAM), which saw 1.83 million shares change hands.


Construction company Long Hau Corporation (LHG), located in Long An Province, was the biggest winner. Its stock gained the daily maximum allowed limit of 5 percent to VND63,000.


Cuongthuan Investment Corporation (CTI) was next, gaining 4.98 percent to VND25,300.


Vien Dong Investment Development Trading Corporation (VDI) followed with an increase of 4.96 percent to trade at VND12,700.


The northern market was also in the red as the HNX-Index dropped to 160.55, down 1.82 points or 1.12 percent over Wednesday. More than 22.4 million shares were traded at VND750.4 billion.


Meanwhile, the UPCoM-Index gained 0.07 points or 0.15 percent to 46.05. A total of VND5 billion was spent trading 337,272 shares.

Source: SGGP

VN-Index dives back below 300-mark

In Uncategorized on December 17, 2008 at 3:40 pm

Hanoi (VNA) – The VN-Index fell back below the 300-mark on Dec. 16, losing 3.85 percent to close at 296.42, breaking a three-day string of upward sessions.

The market saw a significant volume of over 12 million shares, generating a turnover for the day of 315.82 billion VND (18.8 million USD).

Sacombank (STB) still reserved the position as most-traded share, with 2.7 million shares changing hands; followed by Saigon Securities Inc (SSI), Song Da Urban-IZ Development and Investment (SJS), and FPT, each with a volume of under one million shares.

In Dec. 16 session, meanwhile, foreign investors were back to being net buyers to the tune of 797,820 million shares, worth a total of 42.97 billion VND (2.6 million USD).

In Hanoi the same day, the HASTC-Index also dipped 3.38 percent to close at 106.57, with a volume of 7.11 million shares worth a total of 166.32 billion VND (9.9 million USD).-