Vietnamese Stocks Rise Most in Two Months on Foreign Cap Report
Vietnam’s stocks advanced, driving the benchmark index to its biggest gain since Oct. 16, after a local newspaper said the government may allow foreign investors to buy bigger stakes in listed companies.
The VN Index (VNINDEX) rose 1.6 percent to 426.06, an eighth day of gains and its highest close since Aug. 20. Joint-Stock Bank for Foreign Trade of Vietnam, or Vietcombank, climbed 2.5 percent. HAGL Joint-Stock Co. added 4 percent.
The State Securities Commission has proposed measures such as removing the cap on overseas investment in some industries and allowing foreigners to buy non-voting shares, Thoi Bao Kinh Te Vietnam reported today, without saying where it got the information. The regulator may also increase the margin financing ratio and widen the trading band this quarter, the newspaper said.
“Investors are optimistic about these signals to support the markets,” said Nguyen Mai Phuong, head of research at Maritime Bank Securities. “While they may not be concrete yet, the market is sensitive to such signs.”
The State Securities Commission will propose measures to attract foreign investment and improve stock market liquidity, Chairman Vu Bang said in a phone interview today, declining to elaborate as detailed information is confidential.
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