Comments
Vietnam’s benchmark VN Index slipped from a seven-week high to close down 0.62 per cent on Wednesday on profit-taking and as the central bank decided to implement without delays a ruling that will limit banks lending for stock investment.
PetroVietNam Gas, Vietnam’s top firm by market value, led the losers to fall 3.73 per cent as global oil prices hovered around a six-year low and after a streak of five gains following the firm’s share repurchase plan.
Most other blue chips fell, including dairy product maker Vinamilk with a 0.98 per cent loss, as investors booked profits from recent gains and switched to small- and mid-cap equities.
The central bank said it would implement on time a circular that will limit banks’ loans for stock investments at 5 per cent of a bank’s registered capital from February 1, despite market expectations of a delay to boost funds inflows.
But selling was not too strong, while some adjustments could buoy further gains this quarter amid a rebound of foreign funds and hopes of good corporate results, analysts said, expecting the index to reach 640 points in coming months.
“It’s positive that money is still within the market,’’ manager Nguyen The Minh of Viet Capital Securities said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.