Bank stocks rise on foreign ownership regulation change
Bank shares rose this morning after the release of Decree 01/2014/ND-CP on lifting foreign ownership in Vietnamese credit institutions.
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| On the HCM City Stock Exchange, the VN-Index added 0.6 per cent to 512.17 points.— Photo baohaiquan |
According to the new regulation, a foreign investor can hold 20 per cent ownership in domestic banks, up from 15 per cent as defined in Decree 69/2007/ND-CP. Also, institutional investors can own up to 15 per cent, while foreign individuals can own a maximum of 5 per cent. The total foreign ownership remains at 30 per cent.
After the news, seven listed bank stocks increased between 0.6-2.9 per cent. Only Nam Viet Bank (NVB) finished the session unchanged.
On the HCM City Stock Exchange, the VN-Index added 0.6 per cent to reach 512.17 points.
Also, trading value improved to VND649.6 billion (US$30.6 million) with nearly 44.4 million shares traded.
Of the 30 leading shares tracked by the VN30 Index, only software producer FPT (FPT) fell.
On the Ha Noi Stock Exchange, the HNX-Index ended 1.2 per cent higher to 69.65 points. Blue chips performed well, boosting the HNX30 Index to 132.22 points, gaining 1.9 per cent.
A volume of 27.7 million shares, worth VND247.5 billion ($11.6 million), were traded. — VNS
